how many Indians will improvement from Modi Govt’s no tax up to Rs 7 lakh coverage

© offered via The monetary specific Over four crore ITR filers might also ought to pay no tax in AY 2024-25. Representational graphic

There could be no tax on annual profits as much as Rs 7 lakh for individual taxpayers filing their returns below the brand new Tax Regime from evaluation year 2024-25. In funds 2023, Finance Minister Nirmala Sitharaman elevated the simple exemption limit under New Regime to Rs three lakh and the tax rebate from Rs 5 lakh to Rs 7 lakh.

along with the introduction of a typical deduction of Rs 50,000 within the New Regime for people within the salaried and pensioner categories, the tax legal responsibility of such people earning as much as Rs 7.5 lakh in FY 2023-24 will develop into zero from AY 2024-25. but what number of people will advantage from the tax aid measures introduced by means of the Narendra Modi government in price range 2023? Let's have a look at what the official information indicates.

As per the facts shared by using the executive in Lok Sabha on February 13, there were over 4.1 crore particular person taxpayers who pronounced an profits of up to Rs 5 lakh in AY 2021-22. there have been also 1.4 crore taxpayers who reported incomes between Rs 5 to Rs 10 lakh while the total returns filed in AY 2021-22 changed into over 6.3 crore.

also study: revenue Tax Calculator for Senior citizens with profits up to Rs 10 lakh: old Regime to shop extra

while the government has not shared the actual variety of individuals with revenue as much as 0 to Rs 7 lakh, it can be assumed that more than 4 crore taxpayers will certainly improvement from the policy of charging no tax on profits as much as Rs 7 lakh from AY 2024-25. These taxpayers will have to pay no tax in AY 2024-25, provided their annual incomes are not above the Rs 7 lakh restrict. (determine: New tax slabs)

The salary-sensible taxpayers' records for AY 2022-23 (FY 2021-22) is yet to be compiled as the closing date for filing revised returns was December 31, 2022.

also examine: What might be the tax on Rs 9, 10, 12, 15 lakh salary?

As per the latest data on the income Tax Return filing web page, as many as 7,fifty four,79,837 tax returns have been filed in AY 2022-23, of which more than 7.19 crore ITRs were tested and over 6.96 returns processed until February 12, 2023.