Income Tax

In fact, in Budget 2023, an important announcement was made by Finance Minister Nirmala Sitharaman on behalf of the Modi government. Nirmala Sitharaman had announced changes in the income tax slab. During this, important changes were made by the government in the new tax regime. In this, people were also given relief in tax. Along with this, a change was also made in the tax slab.

Tax Slab

In fact, earlier in the new tax regime, no tax had to be paid on annual income up to Rs 2.5 lakh and after that five per cent tax had to be paid on income between Rs 2.5 lakh to Rs 5 lakh. At the same time, in the budget 2023, it was announced that no tax will have to be paid on annual income of Rs 3 lakh on filing tax under the new tax regime. This rule has also come into force from April 2023.

Apart from this, people whose annual income is between Rs 3 lakh to Rs 6 lakh will have to pay 5% tax on filing tax under the new tax regime . Crores of people have praised this decision of the Modi government.

On the other hand, if someone files tax from the old tax regime, then no tax will be levied on an annual income of Rs 2.5 lakh. However, if a person files tax from the old tax regime, then people will have to pay 5% income tax on income between Rs 2.5 lakh to Rs 5 lakh annually.

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At the same time, an important step has been taken by the Modi government. Through this step, the Modi government has done the work of providing relief to crores of people of the country.

Many works are being done by the government to give relief to the people. Along with this, many schemes are also being run for the benefit of the people. Through these, the government is working to provide relief to different classes of people. At the same time, an important step has been taken by the Modi government. Through this step, the Modi government has done the work of providing relief to crores of people of the country. With this, people are going to get tax exemption.

Government announcement

In fact, in the month of February this year, Finance Minister Nirmala Sitharaman had made an important announcement while presenting Budget 2023. Through this announcement, Finance Minister Nirmala Sitharaman increased the income tax exemption in the new tax regime to Rs 7 lakh. Along with this, Sitharaman said that people whose annual income is up to Rs 7 lakh will no longer have to pay tax.

In such a situation , the Modi government told that if someone files tax under the new tax regime, then the taxpayers will not have to pay any tax on the annual income of seven lakh rupees. Earlier this limit was Rs 5 lakh per annum. By increasing the tax exemption, the work of giving relief to crores of people of the country has been done by the Modi government.

Along with standard deduction, now in the new tax regime, people can also take advantage of standard deduction. Salaried and pensioners now file tax under the new tax regime, then they will get an additional benefit of Rs 50,000. In such a situation, after earning seven lakh rupees annually in the new tax regime, a rebate of 50 thousand rupees will also be available under the standard deduction.

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