New Delhi:
Finance Minister Nirmala Sitharaman is presenting the general budget of the country in the Lok Sabha. This is the first general budget of Modi 3.0. The Finance Minister has announced a new income tax bill during his budget speech. Common people have a big contribution in our visit towards developed India. The Finance Minister said that no tax will have to be paid till the income of Rs 12 lakh. He said that now there is no tax up to Rs 12 lakh, 30% tax above 24 lakhs, if you do not invest, then 5 to 8 lakh tax will have to be paid 5% tax. If you invest, then you will not have to pay any tax up to 12 lakh rupees. He also said that no tax will have to be paid up to 4 lakhs.
This bill will be introduced next week. After the implementation of this bill, it will also be easy to file income tax. The process of KYC will also be simplified. Announcing the new tax slab, Finance Minister Nirmala Sitharaman said that by paying attention to the middle class, we have decided to improve personal tax. Our aim is only to reduce the difficulties of common people. We are going to give big discounts to the elderly in tax. The limit of TDS has been doubled for the elderly. Now it has been increased to one lakh rupees. The Finance Minister said that we have now increased TCS from 7 lakh to 10 lakh rupees.
Let us tell you that before the budget was presented, there was speculation that the government wants to promote the new tax regime more and more, there was also talk of possible changes in the income structure. It was being said that under the new slab, some amendments are also expected to be made in tax rates. If this happens, the tax burden on taxpayers will be reduced and more money will be saved in people’s hands.
The aim of the government is to make the tax structure simple and transparent so that more and more people are aware of tax payments. These changes declared in the budget will promote savings on one hand, on the other hand, the capacity to spend on the other side will also increase. The special thing is that under the new slab, people of low income group are expected to benefit more, which can strengthen their economic condition. Let us know what some announcements have been made for tax payers in this budget.
The stock market was seen as soon as the budget speech started
As soon as the Finance Minister started the budget speech, the stock market once again saw a boom. By 11.12 am, the Sensex was at 77,691.40, which was 921.26 points.
How is the tax slab so far
Currently, two tax systems are running inside the country. One is Old Tax Resetim and the other New Tax Regim. No exemption is given through 80C in the New Income Tax Reset. Because of this, Salared Employees are demanding to add saving rules in it. Let us tell you that during Budget 2024, Finance Minister Nirmala Sitharaman had increased the standard tax limit from Rs 50 thousand to Rs 75 thousand under the New Tax Regime.
Slab of Old Tax Regime and tax on tax
- On income up to Rs 2.5 lakh – 0% tax
- On income ranging from Rs 2.5 lakh to Rs 5 lakh – 5% tax
- 20% tax on income ranging from Rs 5 lakh to Rs 10 lakh
- 30 percent tax on income of more than Rs 10 lakh
Slab and tax under New Tax Regime
- On income up to Rs 3 lakh – 0% tax
- On income ranging from Rs 3 lakh to Rs 6 lakh – 5% tax
- On income ranging from Rs 6 lakh to Rs 9 lakh- 10% tax
- On income ranging from Rs 9 lakh to Rs 12 lakh – 15% tax
- On income ranging from Rs 12 lakh to Rs 15 lakh – 20% tax
- On income up to Rs 15 lakh – 30% tax
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