Income tax budget: The announcements of income tax made in the budget have given a lot of relief to taxpayers by tax free to 12 lakh 75 thousand. But apart from this, there are many more such announcements, which have made it easy to live tax payers. Especially, many types of paperwork have been freed. Due to this, the large section of tax payers has breathed a sigh of relief. Under the New Tax Resetam of Income Tax, the basic examples limit has been increased from three lakh to four lakhs.
In this way, people with annual income of up to four lakh rupees will no longer need to file income tax returns. So far, those who used to file income tax returns of more than three lakh and up to four lakhs annually, now they no longer have to file ITR. The limit for getting a complete income tax rebate has been increased from seven lakh to 12 lakhs. In this way, a large number of people have gone out of the purview of income tax payment. They will now be able to spend the amount left from paying income tax to raise their standard of living.
Increased from 6 to 7 income tax slabs
In New Tax Reseam, the income tax has been increased from six slabs to seven slabs. With this, those who income up to 24 lakhs annually will also get many types of tax exemption. With income of up to 24 lakhs, income tax of up to Rs 1,14, Rs 400 and up to 18 lakhs can be saved up to Rs 72,800 in income tax. If you are not able to file income tax on time or want to improve file returns for any reason, then there was a time frame of up to three years from current financial year to three years. It has now increased to five years.
TCS finished on sending education loan money abroad
If someone’s child studies abroad, then TCS has been abolished after sending a loan and sending money abroad. That is, the cuts that the bank used to make in the name of income tax has been closed.
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