Govt increases Income Tax Limit, Relieves Crores of Taxpayers

In a significant move, the Modi government has announced a major decision that will bring relief to income tax payers.

Finance Minister Nirmala Sitharaman, in the Budget 2023, has raised the income tax limit to Rs 7 lakh, effectively exempting millions of taxpayers from paying income tax.

Budget Announcement:

The Modi government presented the budget in February 2023, and Finance Minister Nirmala Sitharaman has now provided much-needed relief to tax filers under the New Tax Regime.

The revised income tax limit of Rs 7 lakh means that individuals earning up to this amount will no longer have to pay taxes.

Expansion of the Limit:

Previously, the income tax limit under the new tax regime was set at Rs 5 lakh.

However, the revised limit of Rs 7 lakh has now benefited high-income taxpayers.

Boost from Standard Deduction:

In addition to the increased income tax limit, the new tax regime also introduces a significant benefit in the form of standard deduction.

Salaried individuals and pensioners who file income tax will now enjoy an additional benefit of Rs 50,000.

Further Exemptions for New Taxpayers:

Under the new tax regime, individuals earning up to Rs 1 lakh annually will receive an extra exemption of Rs 50,000.

This development has brought great joy to those with an annual income of Rs 7 lakh, as they are now exempt from paying taxes,

a requirement that previously applied to those earning Rs 5 lakh annually.

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