Income Tax News: There is good news for crores of taxpayers on the new year. If you also pay income tax, then from now on you will have to pay only 5% tax. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) has given a big gift to the people on the new year.
Income Tax Slab: There is good news for crores of taxpayers on the new year. If you also pay income tax, then from now on you will have to pay only 5% tax. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) has given a big gift to the people on the new year. Preparations are going on in full swing for the budget across the country, in such a situation, everyone from the middle class to the employed is expecting a big tax relief this time.
While giving information, Finance Minister Nirmala Sitharaman
has said that from now on many people will have to pay only 5% tax. Whether you adopt the new tax regime or the old tax system, but now you will not have to pay heavy tax.
Who will have to pay 5 percent tax
Let us tell you that people with income between 2.5 lakh to 5 lakh will have to pay tax only at the rate of 5 percent. These people will not have to pay more tax than this. On the other hand, if your income is less than Rs 2.5 lakh, then you will not have to pay a single rupee tax.
The slab of tax free income may increase,
let us tell you that this time in the budget, the government can increase the scope of tax free income. At present, lakhs of people get the benefit of tax exemption up to Rs 2.5 lakh only. This limit can be increased from 3 to 5 lakhs. This time the government can give big benefits to crores of taxpayers.
The last change happened in 2014. The last
time in the year 2014, the government had increased the tax limit. Earlier this limit was Rs 2 lakh, which was increased to Rs 2.5 lakh. With this decision of the government, people get more money to invest.
