Income Tax Slab: There is big news for those who pay Income Tax. If you are a taxpayer then there is good news for you. Few days are left for the budget to come. Meanwhile, news is coming that the government can increase the tax free limit in the Union Budget 2023.
At present, income up to Rs 2.5 lakh is tax free, but it can be increased to Rs 3 lakh. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) can give a big gift from the general public to the middle class.
According to media report, the tax free limit can be 3 lakhs , this time the taxpayers can get many big gifts in the budget, but the biggest relief is that this time the government can increase the tax free limit. Is. It is expected that the government can increase it from 2.5 lakh to 3 lakh, which means you will have to pay less tax than before.
The limit was increased 9 years ago.
The last increase in this limit was in the year 2014. At that time, the government had increased this limit from Rs 2 lakh to Rs 2.5 lakh. There has been no change in this limit for the last 9 years. This is the last full budget of the second term of the Modi government, so this time the government can make many big announcements.
The limit is 3 lakh for senior citizens.
Let us tell you that now you do not have to pay tax on salary up to Rs 2.5 lakh and in this budget, the government can increase your relief by Rs 50,000 more. On the other hand, if we talk about senior citizens, then for those people this limit is 3 lakh rupees.
How much is the income tax slab now
>> Rs 2.5 lakh annual income – tax free
>> 2.5 to 5 lakh annual income – 5% tax
>> 5 to 10 lakh annual income – 20% tax
>> 10 Annual income more than lakh – 30% tax
