Income Tax: Filing of income tax return this time is very special because this time a good news has also been given to the people by the Modi government. In fact, in Budget 2023, an important announcement was made by Union Finance Minister Nirmala Sitharaman and people were exempted from the tax filing limit.
Crores of people file income tax returns in the country. At the same time, the last date for filing income tax return has come. By 31 July 2023, taxpayers will have to disclose their earnings made in the financial year 2022-23. On the other hand, if someone does not file income tax return by the due date, then those people may also have to pay a fine. At the same time, more than 6 crore people have filed their ITR.
On the other hand, filing of income tax return this time is very special because this time a good news has also been given to the people by the Modi government. In fact, in Budget 2023, an important announcement was made by Union Finance Minister Nirmala Sitharaman and people were exempted from the tax filing limit. Crores of people have also benefited from this exemption.
New tax regime
Actually, the Modi government had increased the exemption in the income tax limit in the new tax regime. It was announced in Budget 2023 that if a taxpayer files income tax return under the new tax regime, then he will get exemption on annual income up to Rs 7 lakh. This means that if people file income tax returns under the new tax regime, they will not have to pay any tax up to an annual income of Rs 7 lakh.
Along with this, the Modi government has also given the people the benefit of standard deduction in the new tax regime. If you work on salary, then people will also get standard deduction of Rs 50 thousand from the new tax regime. In such a situation, along with tax exemption on annual income of Rs 7 lakh, people will also get a standard deduction of Rs 50 thousand. In such a situation, people can get tax exemption from the new tax regime up to an income of up to Rs 7.5 lakh annually.
