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Finance Minister Nirmala Sitharaman presented the budget for the financial year 2023-24 in Parliament today. This was the last full budget of the Modi government before the general elections due next year.

Taxpayers especially had a lot of expectations from this budget. Sitharaman did not disappoint him. He gave many reliefs on the tax front to the middle class and the salaried class.

Under this, no tax will be levied on income up to Rs 7 lakh under the new tax regime.

Income taxpayers got lottery, now they will not have to pay tax
Sitharaman proposed this while presenting the last full budget of this government in Parliament on Wednesday. Apart from this, for the first time, the benefit of standard deduction has also been proposed under the new tax regime. Till now the benefit of a standard deduction of 50,000 was given in the old tax regime.

The Finance Minister proposed to make the new tax regime i.e. the tax regime with no exemptions a 'default'. 'Default' means that if you have not opted out while filing an income tax return, you will automatically move to the new income tax regime. Under the proposal made in the budget, there will be no tax on income up to seven lakh rupees.

Income taxpayers got lottery, now they will not have to pay tax
In the old tax regime, there is zero income tax on an income of Rs 2.5 lakh. Similarly, income between Rs 2.5 lakh and Rs 5 lakh will be taxed at 5 per cent, income between Rs 5 lakh and Rs 10 lakh at 20 per cent and income above Rs 10 lakh at 30 per cent.

How much will the benefit
Under the income tax slab in the new tax regime, income up to Rs 3 lakh will not be taxed. 5 per cent on Rs.3 lakh to Rs.6 lakh, 10 per cent on Rs.6 to 9 lakh, 15 percent on Rs.9 lakh to Rs.12 lakh and 20 percent on Rs.12 lakh to Rs.15 lakh and above Rs.15 lakh. will be taxed at 30 per cent. The Finance Minister said that Rs 45,000 will now be taxed on the income of Rs 9 lakh, which was earlier Rs 60,000. That means there will be a profit of 15 thousand rupees. Similarly, Rs 1.5 lakh tax will have to be paid on an income of Rs 15 lakh, which was earlier Rs 37,500.

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