Tax exemption limit-1 crore people will not have to pay income tax!
Finance minister Nirmala Sitharaman has said that money has been put in the pockets of the people through changes in the income tax slab rates in the budget. The Finance minister said that under the New Income Tax Regime, the tax exemption limit has been increased from Rs 7 lakh to Rs 12 lakh and due to this decision, now one crore taxpayers will not have to pay tax.
Rs 1 lakh crore in the hands of taxpayers
Finance minister Sitharaman said in a press conference held after the budget, after increasing the tax exemption limit from Rs 7 lakh to Rs 12 lakh, now one crore taxpayers will not have to pay tax. That is, one crore taxpayers will be benefited by this announcement of the Finance minister, so with this step the Finance minister has left one lakh crore rupees in the hands of taxpayers, which they can now spend. It was told in the press conference that 75 percent of the taxpayers have adopted the new income tax regime and it is expected that the remaining taxpayers will also adopt the new tax regime.
Taxpayers are in for a treat
In the financial year 2025-26, people who earn up to Rs 12 lakh annually will not have to pay any tax. That is, income up to Rs 12 lakh has become tax-free. In the new regime, the benefit of standard deduction of Rs 75000 per annum will also be available. That is, taxpayers whose annual income is Rs 12.75 lakh will not have to pay any tax. In the new regime, there will be no tax on income up to Rs 4 lakh. Due to this change in the tax slab, people having income between Rs 8 lakh to Rs 25 lakh will save tax between Rs 30,000 to Rs 1,10,000. Also, taxpayers whose annual income is Rs 12 lakh will save tax of Rs 80,000. The Finance minister has given a big gift to senior citizens. The TDS limit for senior citizens has been increased from the current Rs 50,000 to Rs 1 lakh.
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