Thursday, February 22nd, 2024

Income Tax Regime: How much the new tax regime has changed in 3 years, how to get the benefit, understand here


Highlights:

Now no tax will have to be paid on earning up to Rs 7 lakh.
Finance Minister Sitharaman has presented the General Budget 2023.
In 2019-20, a new tax regime was brought for the taxpayers.

Income Tax Regime: Finance Minister Nirmala Sitharaman has presented the General Budget 2023 on Wednesday. Taxpayers got the biggest relief in this. Taxpayers were waiting to increase the tax exemption for almost 8 years. A big relief has been given regarding this. The Finance Minister said that in the new tax regime, no tax will have to be paid on income up to Rs 7 lakh.

Earlier, the central government had brought a new tax regime for the taxpayers in 2019-20. Today after 3 years it has been changed. This is expected to provide great relief to the common people. It is being told here that when the new regime was implemented in 2019-20, then what was the rate and today after reducing the rate, what is the rate?

Read this also- Rs 1 lakh tax will be saved on earning 15 lakhs, how much will you benefit from the change in slab?

how much taxunder 2019-20 regimeunder 2023-24 regime
no taxRs 1 to Rs 2.50 lakhRs 1 to Rs 3,00,000
5%2,50,001 to Rs 5, lakhRs 3,00,001 to Rs 6 lakh
10%Rs 5,00,001 to Rs 7.50 lakhRs 6,00,001 to Rs 9 lakh
15%Rs 7,50,001 to Rs 10 lakhRs 9,00,001 to Rs 12 lakh
20%10,00,001 to Rs 12.50 lakhRs 12,00,001 to Rs 15 lakh
25%Rs 12,50,001 to Rs 15 lakh ,
30% ,Above Rs.15,00,000 lakh

read this also- Finance Minister Nirmala Sitharaman told in detail the special things of the general budget

This change happened in the slab
The government has also changed the tax slab under the new regime. Now the 25% slab has been abolished. Earlier, those earning Rs 12,50,001 to Rs 15 lakh had to pay 25 percent tax, but now the income of Rs 12,00,001 to Rs 15 lakh has been kept in the 20 percent slab. Apart from this, now those earning more than Rs 15 lakh have been placed directly in the 30 percent slab.

Tax will not have to be paid up to 7 lakhs
Along with this, the rebate limit has been increased from Rs 5 lakh to Rs 7 lakh in the new and old tax slabs in the budget. This means that now no tax will be levied till the earning of Rs 7 lakh. Apart from the rebate, the direct tax exemption has also been increased by Rs 50,000. That is, earlier where there was a direct tax exemption of up to 2.5 lakhs, it has now been reduced to Rs 3 lakhs.

Tags: Budget, Budget 2023, budget session, Finance Minister Nirmala Sitharaman, FM Nirmala Sitharaman, income tax, income tax department, income tax india, income tax latest news, income tax slabs, nirmala sitharaman, nirmala sitharaman news, nirmala sitharaman news today in hindi

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