Final update:
Under the new income tax system, 75,000 rupees can also be used.
Tax experts have stated that the obligation to apply for tax return is based on the income level, not a tax obligation. (Typical image)
In a large rescue to ordinary people, the Minister of Finance Nirmara Citaraman announced on Saturday that up to 12 rupees would not have to pay a single rupee in income tax.
The Finance Minister of Finance introduced eight consecutive union budgets on Saturdays and brought joy to the middle class.
“For taxpayers with a normal income of up to 120,000 lupigers (excluding special tax rates such as capital gains), tax rebates are provided in addition to slabrate reductions. Citara Man is a budget speech. I said.
In addition, under the new income tax system, 75,000 rupees are also available. With the introduction of this change, tax liabilities with an annual income of up to 12.75,000 rupees will eliminate tax liabilities under the new tax system.
But do they need to submit an income tax return (ITR) with other people who are not obliged to pay?
ITR submission is essential for individuals whose income exceeds the basic exemption restrictions. This is 2.5,000 lupies under the old tax system and 4,000 lupies under the new tax system.
In addition, tax specialists have stated that the obligation to apply for tax returns is based on income levels, not tax obligations. In other words, even if the taxpayer's responsibilities are returned to zero for rebate or deduction, you need to submit ITR in reflection of zero tax obligations.
Submission of ITR is useful for maintaining a clean financial record and securing loans, visas, or other financial services.
