While announcing this, he said that changes will be made in the TDS limit so that uniformity can be brought in it. The TDS exemption limit for senior citizens will be increased from Rs 50,000 to Rs 1 lakh. The TDS exemption limit on rental income will be increased to Rs 6 lakh. However, provisions for high TDS will be implemented in non-PAN related cases. Also, the limit for filing updated returns is being increased from two years to four years.

There is no tax up to 12 lakhs

Apart from this, Finance Minister Nirmala Sitharaman, as expected, gave a big relief to the middle class by announcing that annual income up to Rs 12 lakh will be completely tax free. This exemption has been given in the new income tax system. Salaried people will now not have to pay any tax on annual income up to Rs 12.75 lakh.

Rationalising TDS / TCS

👉 Limit for tax deduction on interest for senior citizens to be doubled from ₹50,000 to ₹1 lakh

👉 Annual limit for TDS on rent to be increased from ₹2.40 lakh to ₹6 lakh

👉Threshold to collect tax at source on remittances under RBI’s Liberalized… pic.twitter.com/HpvSf7EzGA

— Ministry of Finance (@FinMinIndia) February 1, 2025

What will the tax slab be like now?

The Finance Minister said that due to tax exemption, middle class people will have more money for consumption. Along with this, investment and savings will also increase. Along with this, the Finance Minister also proposed changes in different tax slabs. Under this, now there will be no tax on annual income of four lakh rupees. Five percent tax will be levied on four to eight lakh rupees, 10 percent on eight to 12 lakh rupees, 15 percent on 12 lakh to 16 lakh rupees, 20 percent on 16 to 20 lakh rupees, 25 percent on 20 lakh to 24 lakh rupees and 30 percent tax will be levied on annual income above 24 lakh rupees.

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Those districts will be selected for this scheme where agricultural production is low. Finance Minister Nirmala Sitharaman said that 1.7 crore farmers will benefit from this scheme.

The Finance Minister said that crop yield will be increased at the Panchayat and Block level. For this, PM Dhan Dhanya Yojana has been launched. He said that focus will be on women, young farmers and landless people. The aim of this scheme is to promote adequate means of earning in villages so that migration from villages stops.

Focus on women and farmers

While presenting the budget, the Finance Minister said that the main focus of the government will be on the welfare of the poor, women, farmers and youth. The Finance Minister said that the government is taking concrete steps to promote agricultural growth, manufacturing and rural development. Along with this, special schemes will be implemented to improve the financial sector.

Kisan Credit Card limit increased to Rs 5 lakh

The government has increased the limit of Kisan Credit Card. Now this limit has been increased from Rs 3 lakh to Rs 5 lakh. Farmers were demanding to increase the loan limit for a long time. Finance Minister Nirmala Sitharaman said that the goal of the National Mission for Edible Oil and Seeds is to bring self-sufficiency in this sector. Under this, a 6-year mission will be started to become self-sufficient in pulses. – Central agencies will purchase tur, urad, lentils in the next 4 years. Makhana Board will be formed in Bihar to improve processing, value addition.

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Next year, the Finance Minister will present the interim budget on 1 February. However, some provisions were made for tax payers in this budget, which are not easily understood by everyone. This time the government has made 0 tax on income up to 7 lakhs. But there is a screw stuck here, maybe even you could not understand it.

This is the math of tax.

The government is constantly promoting the new tax regime. This is the reason why the government has made income up to 7 lakh tax free under this. But if your income is more than 7 lakhs, then you will have to pay tax, that too on the entire income of more than three lakhs. Under this, 5 percent income tax will have to be paid on income of 3 to 6 lakhs, 10 percent on income of 6 to 9 lakhs, 15% on 9 to 12 lakhs, 20% on 12 to 15 lakhs, 30% on more than 15 lakhs. Now some people here are eating gacha.

Standard deduction of 50000 is also included.

In fact, tax rebate is given by the government to tax payers under section 87A (87 A), which is applicable to income of 3 to 7 lakhs. According to the new tax regime, you have become free from any kind of tax liability on income up to 7 lakhs. Standard deduction of 50000 is also included in this, which means you will not have to pay any tax on income up to 7.5 lakhs. But if your salary increases even by Rs 200, (Rs 2400 annually) then you will get a penalty of Rs 25000. Let’s understand how-

Zero tax on an income of Rs 62,500

If your income is Rs 7.5 lakh annually, then you are being given the benefit of standard deduction of Rs 50,000 by the government. There was zero tax on the income of 7 lakhs. With an annual income of Rs 7.5 lakh, the income per month is Rs 62,500. Now let’s talk if your salary increased by Rs 200 then it increased to Rs 62,700.

Tax of Rs 25,240 on salary of Rs 62,700

If you earn Rs 62,700 every month, then your annual income is Rs 7,52,400. Here after getting the standard deduction of 50,000, the annual income has come down to Rs 7,02,400 i.e. above 7 lakh i.e. tax will have to be paid. 15 thousand tax at the rate of 5 percent on the income of three to six lakhs. On income between 6 to 9 lakhs, you will have to pay tax of Rs 10,240 on income of Rs 1,02,400. Together, you have a tax liability of Rs 25,240. You will not get any kind of rebate in this.

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The maximum income tax is paid by the salaried class. Tremendous growth has been registered in the last financial year. There has been a demand from the salaried class for a long time to change the income tax slab. If you also pay tax every year, then you are likely to get relief from Finance Minister Nirmala Sitharaman in this budget. This time the experts are expressing hope that the Finance Minister will definitely give relief to the middle class in the budget.

The budget will be presented on February 1, 2023

The budget for the financial year 2023-24 will be presented by the government on February 1, 2023 in the Parliament. What are the things the government is preparing to announce in this budget? Let us give you information about this.

Income tax exemption likely to increase

At present no tax has to be paid on annual income up to Rs 2.50 lakh. But the 5 percent tax on income between Rs 2.5 lakh and Rs 5 lakh is waived off by the government. In this way, if your taxable income is 5 lakhs or less, then you do not have to pay tax. This time in the budget, Finance Minister Nirmala Sitharaman is planning to increase the limit of 2.5 lakh to 5 lakh.

There was a change in 2014 The last change in the income tax limit was done in the year 2014 by the government. At that time the limit of 2 lakhs was increased to 2.5 lakhs. This is the last budget of the government before the Lok Sabha elections, so it is expected that this time this relief can be given to the salaried class. The government is considering increasing the personal tax exemption limit.

Finance Ministry asked for suggestions

According to sources, suggestions were sought from different industries on behalf of the Finance Ministry in the last days regarding the budget. Finance Minister Nirmala Sitharaman had asked for suggestions regarding tax that how much improvement can be done in the new tax regime. It is believed that this time the government can make changes in both new and old tax regime. At present, there is no benefit of any kind in the new tax regime.

The post Income tax exemption Limit: Good news! These people who pay Income Tax will no longer have to pay tax, Finance Minister will announce! first appeared on Rightsofemployees.com.