At the same time, many changes have also been made regarding income tax from this financial year, the effect of which is going to be visible on the people. At the same time, a lot of relief has also been given by the government to the general public in the matter of tax.

Income Tax

At present, ITR has to be filed in the country according to the New Tax Regime and Old Tax Regime. There are different tax slabs in both the tax regimes. At the same time, a lot of tax relief was also provided to the people in the new tax regime. People are also going to get a lot of benefit from this. People have been given exemption from the government in tax filing.

Income tax exemption

In fact, while presenting Budget 2023, it was announced by Finance Minister Nirmala Sitharaman that if a person’s annual income is up to Rs 7 lakh, then he will not have to pay tax on filing income tax under the new tax regime, that is, his tax Will get discount. Also, under the new tax regime, now there will be zero tax on income up to Rs 3 lakh annually.

New tax regime

0 tax on income up to Rs 3 lakh per annum
5% tax on income up to Rs 3-6 lakh per annum
10% tax on income up to Rs 6-9 lakh per annum
15% tax on income up to Rs 9-12 lakh annually
20 tax on income up to Rs 12-15 lakh annually
30% tax on income above Rs 15 lakh per annum

Old tax regime

Apart from this, if a person files income tax return under the old tax regime, then no changes have been made there. People will have to pay zero tax on annual income of Rs 2.5 lakh. At the same time, people will get tax exemption up to an annual income of Rs 5 lakh.

The post Income tax exemption: Big relief for these people! Now income tax will not be deducted on this much annual income first appeared on Rightsofemployees.com.

Please tell that currently you can link Aadhaar-PAN card by paying a fine of Rs 1000. Now, if you do not link till the new deadline of June 30, your PAN card may become inactive. After this, you may have to pay a fine of up to Rs 10,000 for linking. Explain that under Section 272B of the Income Tax Act, there is a provision of a fine of Rs 10,000. Let us know for whom the linking of Aadhaar and PAN card is necessary.

As per Section 139AA of the Income Tax Act, linking becomes necessary for every user who has been issued a PAN card by July 1, 2017 and also has an Aadhaar card. However, this linking is not necessary for the residents of Assam, Jammu & Kashmir and Meghalaya. Moreover, as per the Income Tax Act, 1961, even a non-resident is not bound to get Aadhaar-PAN card linked.

Linking is also not necessary for those who are 80 years or more or are not citizens of India till the last year. According to the Income Tax Department, those who fall under one of the above categories and want to voluntarily link their Aadhaar with PAN will have to pay a fine.

What will be the effect

If you do not get the linking of Aadhaar and PAN card done till the deadline, then there may be many problems. If your PAN card becomes inactive then there will be a problem in filing income tax return. At the same time, tax refund will also get stuck. Similarly, the work of other finance will also be affected. If the PAN is inactive, there may be difficulties in opening a bank account. Apart from this, there can be problems in investing in mutual funds and stocks.

The post Big relief for these people! ₹ 10,000 fine after this date for not linking PAN-Aadhaar first appeared on Rightsofemployees.com.