There is great news for the people who pay Income Tax. If you also pay income tax, then now you have got a big relief from the Central Government. This time an important decision has been taken by the Modi Government, after which no tax will be levied on the income of crores of taxpayers of the country. Finance Minister Nirmala Sitharaman had made a special announcement about this in Budget 2023. Let us tell you that now which people have got freedom from paying tax.

Was announced in the budget

In February, the Modi government had presented the budget, in which the Finance Minister had announced that people filing taxes under the new tax regime are now getting relief from paying taxes. The government had decided to increase the income tax exemption to Rs 7 lakh in the new tax regime. That is, now people with income up to 7 lakhs will not have to file tax.

Earlier the limit was 5 lakhs, let us tell you that the government had told that from now on, if anyone files tax under the new tax regime, he will not have to pay tax on income up to Rs 7 lakhs. Earlier this limit was Rs 5 lakh, which was increased to Rs 7 lakh in February. People with higher salary have benefited from the increase in tax exemption.

Apart from this, you will also get the benefit of standard

deduction in the new tax regime. 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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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.

The post Government has issued an order! Big relief for crores of people: Now these people will not have to pay tax. first appeared on Rightsofemployees.com.