Income Tax Change: Income Tax is an important tax for all, so any kind of changes in it directly affect the pocket of the general public. This time the central government will announce a big exemption in income tax. Know what plans Finance Minister Nirmala Sitharaman is making regarding this.
This time the central government is doing big planning regarding Income Tax. Finance Minister Nirmala Sitharaman will present the Budget 2023 on February 1, 2023, and this year a plan is being made to make major changes regarding tax, which is expected to provide great relief to taxpayers. If you also pay tax or come in the tax slab, then it is important for you to know what kind of changes the Central Government is going to make in the tax rates this time.
What is the opinion of the expert?
Many experts believe that the government can make changes in the tax slab in many ways. At the same time, many people believe that the rates and slabs of income tax will remain applicable which were implemented in the assessment year 2022-23.
What kind of tax exemption will be available?
Let us tell you that at present 2 types of arrangements are applicable in the country. You can choose according to yourself whether you have to pay tax in the new regime or in the old regime… but this time what kind of tax relief will the government give to the general public. It is very important to see this.
Income Tax Slabs and Rates 2023 (New Regime)
>> On annual income up to Rs 2.5 lakh – Zero tax
>> On annual income up to Rs 2.5-5 lakh – 5% tax
>> Annual income up to Rs 5-7.5 lakh On – 10% tax
>> On annual income up to Rs 7.50-10 lakh – 15% tax
>> On annual income up to Rs 10-12.5 lakh – 20% tax
>> On annual income up to Rs 12.5-15 lakh – 25% tax
>> 30% tax on annual income up to Rs 15-20 lakh >> 30% tax
on annual income above Rs 20 lakh
Income Tax Slabs and Rates 2023 (Old Regime)
>> On annual income up to Rs 2.5 lakh – Zero tax
>> On annual income up to Rs 2.5-5 lakh – 5% tax
>> Annual income up to Rs 5-10 lakh On – 20% tax
>> On annual income up to Rs 10-20 lakh – 30% tax
>> On annual income above Rs 20 lakh – 30% tax
The rate of 30 percent will be reduced to 25 percent , every year some special provisions are made in the budget by the government to give great relief to the income tax payers. This time the government is planning to make a major revision in the rates of income tax, after which tax payers will get a big relief. It is believed that the government can reduce the maximum rate of 30 percent to 25 percent and increase the maximum tax limit to 20 lakhs.
