Income Tax: Government made a big announcement! Now tax will have to be paid only on this amount, people are surprised

Income Tax Return: If a person files income tax return according to the old tax regime, then he will not have to pay any tax on annual income up to Rs 5 lakh. However, after this he will have to file tax according to the tax slab.

Income Tax Return: People whose income is taxable in India, they must file income tax return. People can fulfill their tax liability by filing income tax return. At the same time, people have to pay different taxes according to different income. But at the time of filing income tax return on behalf of the government, some exemption has also been given on tax. People can save tax by taking advantage of this exemption. So let’s know about it…

Income tax return

In today’s era people have different income. The annual income of the working people is definitely in lakhs. However, they also have to file income tax returns on this income. However, now people have been given a big exemption while filing income tax returns. In fact, while presenting the Budget 2023 on behalf of Finance Minister Nirmala Sitharaman, it was announced that if someone files income tax return with the new tax regime, then he will not have to pay any tax on income up to Rs 7 lakh annually.

Tax

In such a situation, if a person’s annual income is Rs 7 lakh or less, then he can save tax by filing ITR in the new tax regime. In such a situation, that person will not have to pay tax. However, if a different person files tax according to the old tax regime, then he will have to file tax on a different amount.

Tax slab

Explain that if a person files income tax return according to the old tax regime, then he will not have to pay any tax on annual income up to Rs 5 lakh. However, after this he will have to file tax according to the tax slab. At the same time, in the new tax regime, people cannot get exemption on any investment, but under the old tax regime, people can also get exemption on their investments.

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