Nirmala Sitharaman Update: The Finance Ministry has given great news to the middle class before 31st July. Now people earning 7.27 lakhs every year will also not have to pay any kind of tax. Let’s learn how-
There is big news for those who pay Income Tax. The Finance Ministry has given great news to the middle class before 31st July. Let us tell you that this time the last date for filing ITR is July 31, so before that the government has told you another good news. Modi Government is giving many types of tax benefits to the middle class. Now people earning 7.27 lakhs every year will also not have to pay any kind of tax. All sections of the country are getting the benefit of tax exemption from the government.
What the government thought
There were many questions in the minds of the people that what will happen to the people earning more than Rs 7 lakh. Later on this decision was considered by the government and we found out at what level you pay tax for every additional 1 rupee. For example for Rs 7.27 lakh, you do not pay any tax now. The break even comes only at Rs 27,000. After this you start paying tax.
Will get a standard deduction of Rs 50,000
Finance Minister Nirmala Sitharaman informed that you currently have a standard deduction of up to Rs 50,000. At the same time, earlier people were complaining that people would not get the benefit of deduction under the new tax regime, but now you are getting it. Speaking about the achievements of the government, he said that the total budget for Micro, Small and Medium Enterprises (MSME) has increased to Rs 22,138 crore for 2023-24 as compared to Rs 3,185 crore in 2013-14.
this, let us tell you that if you file your tax on or before July 31, then you can avoid heavy fines. If you do not file ITR on time, then you will have to pay a fine of Rs 5000 to Rs 10,000. Apart from this, you may also have to pay interest on the tax due on delay in ITR filing.