The government is implementing various relief measures and schemes for the benefit of different groups of people. The Modi government has also taken an important step to provide tax exemption to millions of people in the country.
– Finance Minister Nirmala Sitharaman made an important announcement in February 2023
– The announcement was made while presenting the Budget 2023
– Income tax exemption in the new tax regime was increased to Rs 7 lakh
– People with an annual income of up to Rs 7 lakh will not have to pay tax
– This move was aimed at providing relief to middle-class taxpayers in India
– Taxpayers will not have to pay any tax on the annual income of seven lakh rupees if they file their taxes through the new tax regime.
– This is an increase from the previous limit of Rs 5 lakh per annum.
– The Modi government has increased the tax exemption to give relief to crores of people in the country.
– This move is aimed at making the tax system more inclusive and beneficial for taxpayers.
– The new tax regime is designed to simplify the tax filing process and reduce the burden on taxpayers.
– People can take advantage of standard deduction in the new tax regime
– Salaried and pensioners now file tax under the new tax regime
– They will get an additional benefit of Rs 50,000
– After earning seven lakh rupees annually in the new tax regime, a rebate of 50 thousand rupees will be available under the standard deduction.