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Income Tax: New Update!Good news for taxpayers, Changes in tax rules, Now there will be zero tax on income

Income Tax Update: Good news is coming out for those who pay Income Tax. Many changes have been made in the income tax this year, after which the government (Modi Government) has given you the benefit of paying zero tax with a lot of exemption.

Income Tax Slab Update: Good news is coming out for those who pay Income Tax. Many changes have been made in the income tax this year, after which the government (Modi Government) has also given you the benefit of paying zero tax with a lot of exemption… Yes, if you are also worried about paying tax. If so, now no tax will be levied on your income. The Finance Minister himself has announced about this. Nirmala Sitharaman has made many big announcements regarding tax in this budget. Let us tell you how you can avoid paying tax.

Changes in tax rules

The new financial year has started from the month of April. Along with this, many rules related to tax have changed. If you are taking advantage of the new tax regime, then now you will not only get the benefit of more exemption, but with this you can also get freedom from paying tax. In the new tax regime, income up to Rs 7 lakh has been made tax free, that is, if you are earning Rs 7 lakh annually, then you do not have to pay any tax.

Will get the benefit of standard deduction

Along with this, another important announcement has been made in Budget 2023 by Finance Minister Nirmala Sitharaman. Earlier, people did not get the benefit of standard deduction in the new tax regime. But while presenting the Budget 2023, it was announced by Nirmala Sitharaman that from now on even in the new tax regime, salaried and pensioners will get the benefit of standard deduction of Rs 50,000.

Income up to 7 lakh will be tax free

Along with this, in the financial year 2023-24, your annual income is Rs 7 lakh and you choose the new tax regime, then you will not have to pay any tax because in the new tax regime, the tax exemption under Section 87A of the Income Tax Act has been increased to Rs 12,500. 25,000 has been increased from Rs.

Leave encashment exemption also increased

Leave encashment is exempted up to a limit for non-government employees. This limit was Rs 3 lakh from the year 2002. It has now increased to Rs 25 lakh.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ informalnewz@gmail.com
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