Income Tax Slab: If someone files income tax in India, then while filing tax for the financial year 2022-23, people will get the benefit of tax exemption up to an income of Rs 7 lakh per annum in the new tax regime. The announcement was made by Finance Minister Nirmala Sitharaman on behalf of the Modi government.
Modi Government: Modi government has taken a big step this year. In fact, while presenting Budget 2023, Finance Minister Nirmala Sitharaman had announced changes in income tax. Along with this, changes were made in the income tax slab and the limit for filing income tax was also increased in the new tax regime. At the same time, the effect of this change implemented by the Modi government will be seen on every tax paying Indian.
Tax saving
If someone files income tax in India, then while filing tax for the financial year 2022-23, people will get the benefit of tax exemption up to an income of Rs 7 lakh per annum in the new tax regime. It was announced by the Finance Minister Nirmala Sitharaman on behalf of the Modi government that according to the new tax regime, if someone files tax in the budget 2022-23, then he will get tax exemption on income up to Rs 7 lakh annually.
Income tax regime
Apart from this, salaried employees and pensioners will also get a standard deduction of Rs 50,000 under the new income tax regime. In such a situation, such people will not have to pay tax on a total annual income of Rs 7.5 lakh. In such a situation, this time taxpayers are going to get a lot of benefit.
The tax slabs under the new tax regime are as follows
Rs 0-3 Lakh- No tax
Rs 3-6 Lakh- 5%
Rs 6-9 Lakh- 10%
Rs 9-12 Lakh- 15%
Rs 12-15 Lakh- 20 %
Above Rs 15 lakh – 30%
Income Tax
Rebate is being given by the government on annual income up to Rs 7 lakh in the new tax regime, due to which tax can be saved on income up to Rs 7 lakh. However, no change has been made in the old tax regime.
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