Income Tax News: 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, no tax has to be paid on annual income up to Rs 2.5 lakh, the government is planning to increase the limit to Rs 5 lakh. That is, if your annual income is also Rs 5 lakh, then you will not have to pay any tax.
In view of the elections, the government can make new announcements in this budget to attract the job profession. The focus of the government will be on presenting the budget with emphasis on economic development. According to experts, the salaried clause can make these hopes in the 2023 budget.
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.
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, the government is considering increasing the tax exemption limit in the 2-year-old tax system. This will give relief to taxpayers and they will have more money for investment.
