ITR: An announcement was made by Finance Minister Nirmala Sitharaman to give income tax exemption for the budget 2023. Along with this announcement, it was said on behalf of Finance Minister Nirmala Sitharaman that many changes have been made in the new tax regime. In this, changes were also made in the income tax slab.
Income Tax Update: While presenting the Budget 2023, several announcements were made by Finance Minister Nirmala Sitharaman. Through these announcements, the people of the country had also got many relief things. Along with this, many important announcements were also made by the Finance Minister regarding income tax. Today we are going to tell you about these announcements, from which people have got very important benefits.
Announcement of exemption
An announcement was made by Finance Minister Nirmala Sitharaman to give exemption in income tax for the budget 2023. Along with this announcement, it was said on behalf of Finance Minister Nirmala Sitharaman that many changes have been made in the new tax regime. In this, changes were also made in the income tax slab. Along with this, now people will be able to get exemption on annual income up to Rs 7 lakh on filing tax in the new tax regime.
Exemption under new tax regime increased to Rs 7 lakh
The limit of total income for exemption under section 87A of the Income Tax Act, 1961 has been increased from Rs 5 lakh to Rs 7 lakh for those opting for the new tax regime . Simply put, if your taxable income is less than Rs 7 lakh, then you will not have to pay any income tax under the new tax regime. At the same time, people have now come to know the reality of this system and are also taking a lot of advantage of it by comparing it with the old tax regime.
Tax benefit
The effect of this announcement of the Finance Minister in the budget is now being seen on the people as well and people whose income is less than Rs. The benefit of tax exemption is available up to the annual income of Rs.
