Tax Slabs Changes: Preparations are going on in full swing in the Finance Ministry regarding the budget for the new financial year. Like every time, tax payers have high expectations from the government this time too. Let’s know about it in detail.
Due to the last full budget of the Modi government before the Lok Sabha elections, this time it is expected that the government will give great news to the job profession. The income tax exemption limit was increased by the government for the last time in the year 2014. No change has been made in it for the last 9 years.
To be in the surest tax slab to be considered!
In such a situation, it is expected that the government can make a big announcement after a gap of 9 years. According to a Reuters report, government sources have claimed that there will be a change in the income tax slab in 2023-24.
However, the Ministry of Finance has not responded to the e-mail made in this regard. In the Reuters report, this time the income tax exemption limit is expected to be increased from Rs 2.5 lakh to Rs 5 lakh. The PMO has to take the final decision on this proposal given by the Finance Ministry.
Income up to Rs 5 lakh will be tax free!
Let us tell you that at present the Income Tax Department collects tax through two tax regimes, old and new tax regime. There are four tax slabs in the old tax regime, while there are seven tax slabs in the new tax regime.
Income up to Rs 5 lakh is tax free in the new tax regime. Also, there is no provision of any kind of discount in it. In the old tax regime, you can claim tax exemption in many ways on the basis of different sections.
No discount
Sources say that when the new tax regime was introduced by the government, there was no plan to give exemption in it. Now if the option of tax saving is given in it, then complications will increase. The government had alternatively introduced the new tax regime in the 2020 budget. Experts have demanded to increase the scope of tax exemption as well as increase the scope of income tax exemption on home loans.
