In this nation, millions of people submit income tax forms. The deadline for filing an ITR has also passed. Taxpayers must reveal their earnings from the fiscal year 2022–2023 by July 31, 2023. On the other hand, if a person fails to submit their income tax return by the deadline, they may also be required to pay a fine. More than 6 crore people have submitted their ITR at the same time.
Financial statement
However, this year’s income tax return submission is particularly noteworthy because the Modi administration also shared some welcome news with the populace. Nirmala Sitharaman, the union finance minister, made a significant revelation in Budget 2023 that exempted individuals from the tax reporting threshold. This exemption has also helped millions of people.
New tax laws
In reality, the Modi administration raised the income tax threshold exemption under the new tax system. A taxpayer will receive an exemption on annual income up to Rs 7 lakh if they file an income tax return under the new tax system, according to Budget 2023 announcements. As a result, individuals who file income tax returns under the new tax system are exempt from paying any taxes up to an annual income of Rs 7 lakh.
In addition to this, the Modi administration
has granted everyone access to the standard deduction under the new tax system. People would also be eligible for the new tax law’s standard deduction of Rs 50,000 if they are salaried. In such a case, individuals will also receive a standard deduction of Rs. 50000 in addition to the tax exemption on an annual income of Rs 7 lakh. People in this scenario are eligible for tax exemptions under the new tax law up to an annual income of Rs 7.5 lakh.
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