Much Awaited Tax Break is being Contemplated
If the government does something like this, it will be a big help for the nation's middle-class families. The income tax exemption amount was last modified in 2014. The limit was then raised to Rs 2.50 lakh from Rs 2 lakh. In the last nine years, the context of the Income-tax exemption hasn't been expanded. Meanwhile, income tax paying citizens expect more tax breaks in each budget, but this assumption is not reached yet now. Tax Break
According to IANS Sources,According to IANS, the govt may raise the income tax exemption limit from Rs 2.5 to Rs 5 lakh in the budget 2023-24. This will be the last full budget.Noticeably, this is the final full budget of the Modi govt's tenure. In the calendar year 2024, general election will be held. The Minister Of finance is expected to attempt to impress the middle class in the budget by raising the income tax limit.Income of up to 2.5 Lakh Rupees is Tax-FreeIf the income tax limit is raised by modifying the income tax slab, the salaried and small business owners will advantage the most. Minister of Finance Nirmala Sitharaman stated in March 2022 that somehow a total of 8,13,22,263 citizens paid income tax in the 2020-21 assessment year, — in other words the 2019-20 fiscal year. According to sources, increasing the income tax exemption limit will result in some more money in the pockets of the general public. This will increase consumption as well. Presently, there is no income tax on earning up to maximum Rs 2.5 lakh. Income of Rs 3 lakh for people of 60 to 80 years, and Rs 5 lakh for people over 80 years, is tax-free.Current Taxation Slab
A maximum of 2.5 lakhs in earnings: No tax
Annual earnings of up to 2.5-5 lakhs: 5% tax
Up to 5-10 lakhs in yearly income: 20% tax
Average earnings of more than 10 lakh rupees are subject to a 30% tax.
This Great News had not been Experienced in 9 YearsFor the past nine years, there hasn't been any change in the taxation slab. The government is increasing the income tax exemption limit the most recently in 2014. It was the inaugural general budget of the Modi Government's first term. Minister of Finance Nirmala Sitharaman will announce the final full budget of the Modi govt's second term in 2023. On Feb 1st, 2023, the Minister Of finance may present the Union Budget. Tax Break
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Tax Break
According to IANS Sources,
According to IANS, the govt may raise the income tax exemption limit from Rs 2.5 to Rs 5 lakh in the budget 2023-24. This will be the last full budget.
Noticeably, this is the final full budget of the Modi govt's tenure. In the calendar year 2024, general election will be held. The Minister Of finance is expected to attempt to impress the middle class in the budget by raising the income tax limit.
Income of up to 2.5 Lakh Rupees is Tax-Free
If the income tax limit is raised by modifying the income tax slab, the salaried and small business owners will advantage the most. Minister of Finance Nirmala Sitharaman stated in March 2022 that somehow a total of 8,13,22,263 citizens paid income tax in the 2020-21 assessment year, — in other words the 2019-20 fiscal year.
According to sources, increasing the income tax exemption limit will result in some more money in the pockets of the general public. This will increase consumption as well. Presently, there is no income tax on earning up to maximum Rs 2.5 lakh. Income of Rs 3 lakh for people of 60 to 80 years, and Rs 5 lakh for people over 80 years, is tax-free.
Current Taxation Slab
Tax Break
For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true and top stories of the world.
