There is important news for those paying income tax. If you are also troubled by paying heavy income tax, then now you do not need to take tension at all. This time the Central Government is planning to make a big change in the tax, after which those earning up to Rs 5 lakh will not have to pay any tax.
Finance Minister Nirmala Sitharaman is going to give a big gift to the taxpayers in the budget this time. At present the limit is Rs 2.5 lakhs, let us tell you that at present no tax has to be paid on annual income up to Rs 2.5 lakhs, the government is planning to increase the limit to Rs 5 lakhs. That is, if your annual income is also Rs 5 lakh, then you will not have to pay any tax.
The last change took place in 2014.
This will be the last full budget of the second term of the central government, which will be presented by the Finance Minister. After this, elections are to be held in the year 2024, so it is believed that the government can give big relief to the middle class this year. Before this, the last change in the limit of personal tax exemption was made in the year 2014.
Arun Jaitley had increased the limit
Earlier, Finance Minister Arun Jaitley had announced to increase this limit from Rs 2 lakh to Rs 2.5 lakh, but this time it is expected that this limit can be increased to Rs 5 lakh.
According to media reports, there will be a change in the 2-year-old tax system
, the government is considering increasing the limit of tax exemption in the 2-year-old tax system. This will give relief to taxpayers and they will have more money for investment.
