look news india
Ahmedabad: Finance Minister Nirmala Sitharaman has announced a relief of Rs 500 in income tax to salaried taxpayers in the new tax system. Relief of Rs 17,500 has been given. Thus, while deciding not to give any benefit in the old income tax system, taxes have been exempted in the new income tax system. By taking this step, another attempt has been made to push taxpayers towards paying taxes in the new tax system. The Finance Minister has been trying to take taxpayers towards the new tax system for the last two years.
Employment taxpayers have only a maximum relief of Rs. 17,500. Along with this, the standard deduction of Rs. 50,000 has been increased from Rs. 75000. In the new system, it has been decided to give this benefit of standard deduction only to those who file returns. Under the old system, the return filers were entitled to a standard deduction of only Rs. 50 thousand. It has been decided to give only Rs.
With this new system, non-employee taxpayers will have to pay Rs 1000 as tax. There is a saving of up to Rs 10,000. Those with an annual income of around Rs. 7 lakhs will definitely get a profit of Rs 10,000, says Chartered Accountant Hetvi Rupesh Shah. More than 50 percent of the total taxpayers are salaried taxpayers.
In the old system of filing income tax returns, a salaried taxpayer would benefit by a maximum of Rs. 7500. The standard deduction is increased from Rs. 50,000 to Rs. 75,000. When tax is imposed, he would benefit by Rs. 7500. Every taxpayer will get this benefit. Whatever his income is, he will get this benefit.
In the old tax system for a salaried person, the standard deduction was Rs. 50,000 to Rs. 75000. Taxpayers have benefited by Rs. 10,000. Apart from this, no changes have been made in the old tax system. Therefore, under the old tax system, individual taxpayers below the age of 60 years filing returns on annual income of Rs. 1.5 lakh will be deducted under section 80C. Also, Rs. 2 lakh will be available later as home loan interest. In the old system, the standard deduction which he got was Rs. 50,000. Thus, he would have got an income of Rs. 10 lakhs and Rs. 4 lakhs later, his taxable income would be Rs. 6 lakhs. Out of the income of six lakhs, not a single rupee tax had to be paid on the income of two and a half lakhs. A tax of Rs. 10,000 had to be paid at the rate of 5 per cent on the income of Rs. 3 to 5 lakhs. Also, a tax of Rs. 1 lakh had to be paid on the income of Rs. 5 to 10 lakhs. Also, a tax of Rs. With the income of 12 to 15 lakhs coming under the 30% slab, the tax has increased to Rs 30,000. It used to be Rs 90,000. Thus, those with an annual income of Rs. 15 lakhs will get Rs. 32,500. 1,42,500 and those with an income of Rs. 20 lakhs had to pay Rs. 2,92,500 as tax. In the budget presented by Nirmala Sitharaman, the standard deduction for those filing returns under the old system has been increased from Rs 50,000 to Rs 75,000. Those with an income of Rs. 10 lakhs will get a benefit of Rs. 5000. As against that, the tax burden on those with an income of Rs. 15 lakhs will be reduced to Rs. 7,500. 1,35,00. While those with an annual income of Rs. 20 lakhs will have to pay Rs. 2,92,500 instead of tax. 2,85,000 rupees will have to be paid as tax. There is a profit of 7,500.
