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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?
read this also- Finance Minister Nirmala Sitharaman told in detail the special things of the general budget
This change happened in the slabThe 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 lakhsAlong 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.
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FIRST PUBLISHED : February 01, 2023, 16:33 IST
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