Thursday, 20 June 2024
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FinanceIndia

Announcement of Changes in the Income Tax Rules

  • The new personal duty system has been made the default charge system.
  • Be that as it may, the residents will keep on having the choice to profit from the advantages of the old expense system.
  • The salaried individual will get a standard derivation of ₹ 50,000 and retired people ₹ 15,000.

On February 1, 2024, Association Money Priest Nirmala Sitharaman will introduce the interval Association Spending plan 2024-25. In any case, there will probably be no significant declarations in this spending plan as the Lok Sabha Political decision 2024 is expected in April-May this year.

From the new expense system to changes in discounts, we should investigate six top annual assessment declarations made by Money Clergyman Nirmala Sitharaman while introducing the Association Spending Plan 2023.

Changes in the Income Tax Rules

As far as possible the new expense system has been expanded to ₹7 lakh, implying that people in the new duty system with pay up to ₹7 lakh won’t need to make good on any duty.

In a bid to give significant help to all citizens in the new system, the expense structure in the new private duty system has been changed by decreasing the number of chunks to five and expanding the assessment exclusion breaking point to ₹3 lakh.

The advantage of standard allowance has been stretched out to the salaried class and the beneficiaries including family retired people under the new assessment system.

The most elevated overcharge rate in private annual assessment has been diminished from 37% to 25% in the new expense system for money above ₹2 crore. This would bring about the greatest duty pace of individual personal expense boiling down to 39% which was before 42.74%.

The restriction of expense exception on leave encashment on retirement of non-government salaried workers has been expanded from ₹3 lakh to ₹25 lakh.

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