Income Tax New Update: The new financial year has started and the government has announced that these people will now have to pay only 5 percent income tax, which will benefit crores of people. Come let’s know the whole news in detail
Many schemes are being run by the government to give benefits to the people. Through these schemes, different types of relief are provided to the people. Now a big gift has been given to the people by the Modi government, which has also been implemented from the month of April 2023. Due to this crores of people are going to get tax relief.
Income Tax
In fact, in Budget 2023, an important announcement was made by Finance Minister Nirmala Sitharaman on behalf of the Modi government. Nirmala Sitharaman had announced changes in the income tax slab. During this, important changes were made by the government in the new tax regime. In this, people were also given relief in tax. Along with this, a change was also made in the tax slab.
Tax Slab
In fact, earlier in the new tax regime, no tax had to be paid on annual income up to Rs 2.5 lakh and after that five per cent tax had to be paid on income between Rs 2.5 lakh to Rs 5 lakh. At the same time, in the budget 2023, it was announced that no tax will have to be paid on annual income of Rs 3 lakh on filing tax under the new tax regime. This rule has also come into force from April 2023.
Apart from this, people whose annual income is between Rs 3 lakh to Rs 6 lakh will have to pay 5% tax on filing tax under the new tax regime . Crores of people have praised this decision of the Modi government. On the other hand, if someone files tax from the old tax regime, then no tax will be levied on an annual income of Rs 2.5 lakh. However, if a person files tax from the old tax regime, then people will have to pay 5% income tax on income between Rs 2.5 lakh to Rs 5 lakh annually.
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