7 Lakh Or 727 Lakh, How Much Income Will Be Taxed 15 July 2023

Deadline For Filing Income Tax Return Itr For Assessment Year 202324 Is 31St July 2023

Taxpayers Have Two Options For Filing Income Tax Returns In The Country, Old Tax Regime And New Tax Regime.

During The Budget 2023, The Government Had Announced Tax-Free Up To Rs 7 Lakh, Making Major Changes In The New Tax Regime.

If A Person'S Annual Income Is 7 Lakh Rupees, Then No Tax Will Have To Be Paid, But In The Past, Finance Minister Nirmala Sitharaman Made A Big Announcement.

The Finance Minister Said That We Have Calculated With Our Team, So After Including All The Deductions, You Will Not Have To Pay Any Tax On The Income Of Rs 727 Lakh.

He Said That On Earning More Than 7 Lakhs, Break Even Comes Only At 27000 Rupees, After That You Start Paying Tax.

The Finance Minister Said That In The New Tax Regime, Standard Deduction Of Rs 50,000 Will Also Be Available To The Taxpayers.

According To The Slab Of The New Tax Regime, Annual Income Of 0 To 3 Lakhs Will Be Taxed At 0%, While Income Of 3 To 6 Lakhs Will Be Taxed At 5%.

10% On Income Of 6 To 9 Lakhs, 15% On Income Of 12 Lakhs, 20% Tax On Income Of 12 To 15 Lakhs

Taxpayers Will Have To Pay Tax At The Rate Of 30 Percent On More Than 15 Lakhs, Those Earning Seven Lakhs Will Automatically Enter The New Tax Regime.

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