People thanked the central government for the change in income tax in the central budget – News18 Punjab Pipa News

Union Finance Minister Nirmala Sitharaman presented the last complete budget of the second term of the Union Government in the Parliament. During her speech, Finance Minister Nirmala Sitharaman said that this is the first budget of Amritkal. During the Union Budget, the Finance Minister has made a big announcement regarding the tax slab. Actually, now the income tax exemption has been increased from 5 lakhs to 7 lakhs. . Apart from this, there has been a change in the tax rates along with the calculation of annual earnings. Let me tell you that this change has been made in the new tax system. That is, only those who will opt for the new tax system will get its exemption. While under the old tax regime, those claiming deduction will not get the benefit of tax exemption on income up to 7 lakhs. According to the new income tax rates, no tax will have to be paid on annual income up to three lakh rupees. On the other hand, 5% tax was levied on annual income of 3 to 6 lakh, 10% on annual income of 6 to 9 lakh, 15% on income of 9 to 12 lakh, 20% on income of 12 to 15 lakh. is 30% on income above 15 lakhs.

Users are expressing their happiness on social media after the change in the income tax slab of the central government in Budget 2023. A user has said, “Income tax exemption has been increased from 5 lakhs to 7 lakhs. Modi ji made the entire middle class happy.

Income tax exemption increased from 5 lakhs to 7 lakhs!!!#middle_class 👍👍😊

The entire middle class #middleclass Modi ji made him happy

— Santosh Mishra (@Mishra___S) February 1, 2023

On the other hand, another user said that people earning up to seven lakhs annually will not have to pay income tax

People earning up to ₹7L won’t have to pay any Personal Income Tax

But in the New Tax Regime

This is good!#BudgetWithKB

— CA Kanan Bahl (@BahlKanan) February 1, 2023

A user said about the new tax slab that a person who is earning Rs 15 lakh annually will have to pay income tax of Rs 1.5 lakh.

proposed personnel #IncomeTax rebates upto 7 lakhs.
0-3 nil
3-6 5%
6-9 10%
9-12 15%
12-15 20%#if you earn 15 lakhs; you pay 1.5 lakh tax. #middleclass #india #budget #UnionBudget2023 pic.twitter.com/peI89ZBUpY

— Keval (@Keval5571) February 1, 2023

Me feeling happy with Rs 575- in my account, after Income tax- rebate extended on income from Rs 5 Lakhs to Rs 7 Lakhs.#Budget2023 pic.twitter.com/HSfudD9f7p

— Krishna (@Atheist_Krishna) February 1, 2023

Let us tell you that this new tax system was implemented by the central government on April 1, 2020. New tax slabs were created without any exemptions in the new tax regime. Currently there are seven income slabs in this tax system. According to which those whose annual income is up to 2.5 lakhs will not have to pay tax. Those whose income is 2.5 lakh to 5 lakh will have to pay 5 percent tax and those whose annual income is 5 lakh to 7.5 lakh will have to pay 10 percent tax. Whereas 15 percent income tax has to be paid on annual income of 7.5 to 10 lakhs.