Income Tax Return: Many important steps are being taken by the government for the benefit of the people. An income tax is also included in these. Those people whose income is more, they have to pay tax on their income.
However, it was also announced to give relief to taxpayers in the budget this time. While presenting the Budget 2023 on behalf of Union Finance Minister Nirmala Sitharaman, several announcements related to income tax were made. Due to which people filing income tax returns will get relief.
Income tax slab
While presenting Budget 2023, many changes were announced in the new tax regime by Finance Minister Nirmala Sitharaman. Under this change, earlier where there was no tax slab on income of Rs 2.5 lakh per annum, it was increased to Rs 3 lakh per annum. This means that on an annual income of three lakh rupees, tax will have to be paid zero in the income tax slab.
Tax rebate
At the same time, an important announcement was made by Finance Minister Nirmala Sitharaman in the Modi government. In the new tax regime, the rebate limit has been increased to Rs 7 lakh. This means that taxpayers who are filing income tax returns will get rebate up to Rs 7 lakh per annum, due to which they will not have to pay tax.
Standard deduction
Along with this, another important announcement was made by the Modi government, due to which taxpayers got more relief. In fact, in Budget 2023, it was announced by Nirmala Sitharaman that now taxpayers will be able to get the benefit of standard deduction in the new tax regime. Due to the benefit of standard deduction of Rs 50 thousand to the salaried people, people have got some more relief. Due to this, those people will not have to pay any tax up to an annual income of Rs 7.5 lakh.
