In the new year, there is good news for millions of taxpayers. If you also pay income tax, you will now only have to pay 5% tax. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) has given the people a big gift for the new year. Budget preparations are currently ongoing across the country, and everyone from the middle class to the employed is anticipating significant tax relief this time.
Let us tell you that people with income between 2.5 lacks to 5 lacks will have to pay tax only at the rate of 5 percent. These people will not have to pay more tax than this. On the other hand, if your income is less than Rs 2.5 lakh, then you will not have to pay a single rupee tax.
On this year’s budget, the government can increase the scope of tax-free income. Currently, lakhs of people benefit from tax exemption only up to Rs 2.5 lakh. This limit can be raised from 3 lakhs to 5 lakhs. This time, the government has the ability to provide substantial benefits to millions of taxpayers.