The good news is for income taxpayers only. If you also pay income tax, the Central Government has just given you a significant reprieve in taxes. The Modi government made a significant move this time, which will result in the income of the nation’s millions of taxpayers not being subject to tax. In the Budget 2023, Finance Minister Nirmala Sitharaman made a special declaration regarding this. Let us tell you which individuals are no longer required to pay taxes.
Published in the budget
People who file taxes under the new tax system are now exempt from paying taxes, the Finance Minister of the Modi government declared in the budget that was presented in February. In the new tax system, the government agreed to raise the income tax exemption to Rs 7 lakhs. People who earn up to Rs 7 lakhs would no longer be required to submit taxes.
In contrast to the previous cap of Rs 5 lakhs.
The government has announced that going forward, anyone filing their taxes through the new system will not be required to pay tax on income up to Rs. 7 lakhs. This ceiling, which had previously been set at Rs. 5 lakh, was raised to Rs. 7 lakh in February. The increase in tax exemption has benefited those with higher salaries.
In addition,
you will benefit from the standard deduction under the new tax system. Salaried and pensioners will receive an additional benefit of Rs 50,000 if they file taxes under the new tax system. In such a case, a 50k rupee standard deduction will also be available after earning 7 lakh rupees in annual income under the new tax system.
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