Income Tax Return: Many types of announcements were made in the budget 2023. Many changes were also made in the new tax regime by Finance Minister Nirmala Sitharaman. An important change in this was found in the tax slab for those filing ITR under the new tax regime.
Income Tax Return: For those people whose salary is taxable, it is very important to file income tax return. At the same time, whenever you file income tax return, it is also very important to know some important things. Meanwhile, some rules for income tax return were also changed by the government. It is very important for people to know about them, otherwise they may face difficulties even in tax saving. Let’s know about it…
Income tax return
Many types of announcements were made in the budget 2023. Many changes were also made in the new tax regime by Finance Minister Nirmala Sitharaman. An important change in this was found in the tax slab for those filing ITR under the new tax regime. Actually, if a person files income tax return under the new tax regime, then the person will not have to file income tax up to seven lakh rupees annually.
ITR
However, despite this, people should take care of one important thing between the new tax regime and the old tax regime. It is also very important from the point of view of tax saving. Explain that if a person files ITR under the old tax regime, then he will get tax exemption on income up to Rs 5 lakh annually. Along with this, the person will also get a rebate on his investment.
Tax regime
Under the old tax regime, exemption can be availed on home loan along with other investments. Along with this, exemption can also be claimed on medical insurance. On the other hand, if someone files income tax return under the new tax regime, then he does not get this exemption. The person cannot claim exemption on his investments, home loan or medical insurance. In such a situation, people should take care of which tax regime to choose in terms of tax saving.
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