Income tax slab for 2023-24: Taxpayers have got a big relief during the budget today. Now no tax will have to be paid on earnings of Rs 7 lakh. Income tax exemption limit has been increased from Rs 5 lakh to Rs 7 lakh.
Income tax slab for 2023-24: The Finance Minister will make a big announcement in this budget on the income tax slab that has remained unchanged for a long time. Let us tell you that the income tax has not been in the slab for nine years. The last time the income tax exemption limit was increased in the year 2014.
Let us tell you that in these nine years, people's expenditure increased, income increased but the scope of income tax remained the same. Due to inflation, people's expenses have increased manifold in the last several years. Modi government has not given any concession in income tax in the last nine years. In such a situation, taxpayers are hoping to increase the income tax exemption limit of Rs 2.5 lakh to Rs 5 lakh under the new tax system. At present, people have to pay 5 percent tax on salary between Rs 2.5 to Rs 5 lakh and 20 percent tax on salary Rs 5 to Rs 7.5 lakh.
Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, says
The expectation of the budget this year is a relief for income tax payers. The original exemption limit of Rs 2.5 lakh crore was fixed in 2014 and hence it needs revision. The exemption limit is likely to be increased to Rs 4 lakh.
