A lot of new rules have been implemented related to income tax. It has issued special regulations regarding the payment of tax and payment of GST. First of all, whoever has to pay taxes, an Aadhaar card and a PAN card must be linked. If your PAN card is not linked to your Aadhaar card then that PAN card will be inactive and you will not be able to use the PAN card for income tax or any financial transaction.
The Income Tax Department has given good news to the income taxpayers. The central government has given big news to the income taxpayers. This important decision taken by the Modi government will benefit crores of taxpayers in the country. Here is a complete explanation of the declaration that no tax will be levied on the income of sufficient taxpayers.
Finance Minister Nirmala Sitharaman announced:
The fiance minister has mentioned this while presenting the Budget 2023. After the budget announcement in February, the Modi government said that it has brought significant changes in the budget in the tax department. Mainly, a new tax system has been implemented. Henceforth, those who file taxes under the new tax system will get this huge relief. That is, in the new tax system, it was decided to increase the income tax exemption to seven lakh rupees, but now those who have income up to seven lakhs do not have to pay tax.
5 lakhs limit increased to 7 lakhs:
The earlier limit of Rs 5 lakh was increased to Rs 7 lakh in the budget presented in February. This means that under the new tax regime, taxpayers with income up to seven lakhs will not need to pay tax. So even those with high salaries get tax exemption.
As per the new tax rules, the benefit of the standard deduction will also be available. This means that salary earners and pensioners can get an additional benefit of up to Rs 50,000 if they file their taxes under this new tax regime. Those earning Rs 7 lakh per annum as income will get another fifty thousand rupees exemption under standard detection. So from now on, even those making a good salary will be exempted from paying taxes.
According to the tax department, it has its own rules and exemption can be availed only if applicable. So who will pay Rs? It is good to get the proper information from the tax department if those who have income up to 7 lakhs should be exempted from tax. stay connected for more updates .
