Income Tax Return: Income tax return has to be filed by every person whose income is taxable. While filing income tax return in the new financial year 2023-24, some changes will also be seen, which taxpayers should know.
At the same time, while presenting the Budget 2023, many important announcements were made by Finance Minister Nirmala Sitharaman, which will affect the people. Along with this, people will also get to see changes in the tax slab.
No tax up to Rs.
With the implementation of the new income tax regime, significant changes took place in the income tax slabs. During this, the basic exemption limit has increased to Rs 3 lakh, while the tax exemption for salaried individuals and taxpayers has increased to Rs 7 lakh from the earlier limit of Rs 5 lakh. In such a situation, if you file income tax return under the new tax regime, you will not have to pay income tax up to Rs 7 lakh.
income tax slab
This time many changes have been made in the income tax slab. Under this, there is no tax on annual income of Rs 3 lakh, 5% on annual income of Rs 3-6 lakh, 10% on annual income of Rs 6-9 lakh, 15% on annual income of Rs 9-12 lakh.
Income Tax
On the other hand, if a person files tax from the new tax regime and his income is from Rs 12 lakh to Rs 15 lakh, then those people will have to file 20 percent income tax return. On the other hand, those whose income is more than Rs 15 lakh, then those people will have to pay 30 percent income tax.
Old tax regime
On the other hand, if a person whose age is less than 60 years and he files income tax return from old tax regime, then he will not have to file any tax on annual income of Rs 2.5 lakh. On the other hand, he will have to file income tax of 5% on an annual income of Rs 2.5 to 5 lakh. After this, 20 percent tax will have to be paid on annual income of Rs 5-10 lakh and 30 percent income tax on income above Rs 10 lakh.
