New Delhi. Union Finance Minister Nirmala Sitharaman today presented the last budget of the Modi government’s tenure and the first of the Amrit period. In this budget, he took special care of all the sectors of the country’s economy. Apart from this, a masterplan was also placed on the table of the Parliament in the direction of developing the economy in the coming days. In the budget, Finance Minister Nirmala Sitharaman made a big announcement regarding tax. Actually, income tax payers have been given a big exemption in this budget. Explain that now people earning income up to Rs 7 lakh will not have to pay income tax. Earlier this limit was five lakh rupees. Apart from this, the Finance Minister has also made major changes in the tax slab. Let us show you the new tax slab.
What decision was taken on this in the last financial year?
Let us tell you that in the last financial year, Union Finance Minister Nirmala Sitharaman did not make any changes in the tax system. There was no change in income tax in the last financial year. When he was questioned about this, he had said that not making any changes in the tax system is also a big relief for the employed people.
No change was made even in 2014
Keep in mind that even in the year 2014, there was no change in the tax slab. At the same time, a new tax system was introduced in 2020. At that time the tax rate was fixed according to the income. Explain that under the current system, people earning up to five lakhs get the benefit of tax exemption of up to Rs 12,500 under Section 87A. Means people earning income up to five lakh rupees get exemption from income tax by showing different investments under 87A and do not have to pay tax.