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INOCME TAX: If the income is Rs 12 lakh, then you will not need to file income tax returns? – Income tax if your income is rupees 12 lakh you do not need to file income tax return know what does experts say

The government has given great relief to the people in income tax. It was announced by Finance Minister Nirmala Sitharaman in the Union Budget on 1 February. He said that people with income up to Rs 12 lakh annually will not have to pay tax. This announcement made taxpayers happy. Prior to the budget, it was expected that the government could tax people with income up to Rs 10 lakh annually. However, the Finance Minister has given more relief to taxpayers than expected.

Finance Minister is announced for new tax regimen

Finance Minister Nirmala Sitharaman (Nirmala sitharaman) Some taxpayers are confused after the announcement of 1 February. The first confusion is whether the annual income is Rs 12 lakh, then income tax returns (ITR) Do not need to file? Taxpayers say that it is important to understand the announcement of the Finance Minister properly. There will be no confusion if you understand this correctly. He said that the first is that the announcement made by the Finance Minister is for the new reizards of income tax. The second Finance Minister has not increased the basic exhalation limit to Rs 12 lakh in this regimen.

Changes in tax slab in new regimen

On 1 February, the Finance Minister announced a new tax slab for the new Regim. In this, he increased the basic exhalation limit to Rs 4 lakh. Earlier this limit was Rs 3 lakh. This means that there will be no tax on income up to Rs 4 lakh in the new tax reizards. The Basic Tax Exgmption Limit is still Rs 2.5 lakh in the old regimen of income tax. The Finance Minister did not change the tax slab of Old Rizim on 1 February.

Also read: If the income is 12 lakh, then you will have to pay tax even after the rebate of 87A in these conditions, know the reason for this

Zero tax on income up to 12 lakhs

If your annual income is Rs 12 lakh, then you have to file income tax returns. The reason for this is that the Finance Minister has not increased the basic exhalation limit to Rs 12 lakh. 12 lakh rupees will not have to be paid tax on annual income, because such taxpayers will get a rebate under section 87A of the Income Tax Act. In the first income tax new regimen, there was tax on income up to Rs 7 lakh annually. The reason for this is the rebate found under section 87A. Earlier, Rs 25,000 was received under this section. The Finance Minister has increased this rebate to Rs 60,000. This will tax tax on income up to 12 lakhs annually.

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