Income Tax: There is big news for taxpayers. According to the information received, let us tell you that now people earning Rs 7.27 lakh every year will not have to pay any kind of tax. So let us know in detail about this announcement of the Finance Minister in the news below…
There is big news for those paying income tax. The Finance Ministry has given great news to the middle class before July 31.
Modi Government is giving many types of tax benefits to the middle class. Now people earning Rs 7.27 lakh every year will not have to pay any tax. All sections of the country are getting the benefit of tax exemption from the government.
Government considered
There were many questions in people’s minds as to what would happen to people earning more than Rs 7 lakh. This decision was later reconsidered by the government and we found out at what level of tax you pay for every additional Re 1.
For example for Rs 7.27 lakh, you no longer pay any tax. Break even comes only at Rs 27,000. After this you start paying taxes.
Will get standard deduction of Rs 50,000
Giving information, Finance Minister Nirmala Sitharaman said that at present you have a standard deduction of up to Rs 50,000. At the same time, earlier people were complaining that people would not get the benefit of deduction under the new tax regime, but now you are getting it.
Speaking about the government’s achievements, he said the total budget for micro, small and medium enterprises (MSME) has increased to Rs 22,138 crore for 2023-24 compared to Rs 3,185 crore in 2013-14.
Can avoid fines
Apart from this, let us tell you that if you file your taxes before that, you can avoid heavy fines.
If you do not file ITR on time, you will have to pay a fine of Rs 5000 to Rs 10,000. Apart from this, you may also have to pay interest on the tax due on delay in ITR filing.
