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ITR Filing: Modi Government has given this benefits, gives got this exemption on income tax, it will not happened never before.

Union Budget 2022-23: Taxpayers can file updated Income Tax Return within  two years

In Budget 2023 Financial minister Nirmala Sitaraman announced that income up to 7 lakh will be tax free. However concerns were expressed as to what would happen to tax payers who were earning marginally above 7 lakhs.

Income Tax Return: After they came of modi Government lots of changes has came in India. Just because of these changes Peoples have got lots of relief. Whereas it’s important that people have to pay income tax in India. Peoples who are there is taxable, who have important to submit ITR. Whereas by the government of modi lots of exemption has given in the ITR By this peoples will got helps to save their tax. Let’s come to know about this.

Tax free Income: In Budget 2023 Financial minister Nirmala Sitar man announced that income up to 7 lakh will be tax free. However concerns were expressed as to what would happened to tax payers who were earning marginally above 7 lakhs. Regarding this Nirmala Sitaraman said that government has note on such concerns and now income up to rs 7.27 lakh has become tax free due to the introduction of minor relief provisions under the new tax regime.

 

Standard Discussion : Financial Minister said ‘’ under the new regime no income tax will be payable on annual income up to rs 7 lakh, which effectively increases to 7. 27 lakh with marginal relief provisions. Apart from this to make the new system attractive deduction of Rs. 50,000 was announced in budget 2023.

Discount : Sitaram said that under the new tax regime of  standard deduction of Rs 50,000 has been started. Standard deduction facilities are available to salaried employees. Apart from this the exemption limit on medical expenses of senior citizens has been increased from Rs 30,000. Also life saving drugs and cancer drugs have been exempted from GST.