{"id":1244125,"date":"2023-03-28T07:56:26","date_gmt":"2023-03-28T02:26:26","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1244125"},"modified":"2023-03-28T07:56:59","modified_gmt":"2023-03-28T02:26:59","slug":"earning-more-than-rs-7-lakh-per-year-govt-has-announced-these-tax-benefits-for-you","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/earning-more-than-rs-7-lakh-per-year-govt-has-announced-these-tax-benefits-for-you\/","title":{"rendered":"Earning More Than Rs 7 Lakh Per Year? Govt Has Announced These Tax Benefits For You!"},"content":{"rendered":"\n<p>On 24 March, the Central government announced a marginal relief for taxpayers opting for the new tax regime.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Untitled-design-19-2-1280x720-1-1024x576.jpeg\" alt=\"Earning More Than Rs 7 Lakh Per Year? Govt Has Announced These Tax Benefits For You!\" class=\"wp-image-1244131\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Untitled-design-19-2-1280x720-1-1024x576.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Untitled-design-19-2-1280x720-1-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Untitled-design-19-2-1280x720-1-768x432.jpeg 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Untitled-design-19-2-1280x720-1.jpeg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Under this relief, individuals earning a little higher than the no-tax ceiling of Rs 7 lakh will pay tax only on the differential income.&nbsp;<\/p>\n\n\n\n<p><strong>Amendment to New Tax Regime<\/strong><\/p>\n\n\n\n<p>The government introduced this <a href=\"https:\/\/news.abplive.com\/business\/income-tax-taxpayers-with-income-marginally-over-rs-7-lakh-get-relief-in-new-tax-regime-all-details-1590739\/amp?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts\">amendment<\/a> in the Finance Bill 2023 which was passed by the Lok Sabha on Friday.&nbsp;<\/p>\n\n\n\n<p>Under this new tax regime which comes into effect from April 1, if a taxpayer has an annual income of Rs 7 lakh they pay no tax, said the Finance Ministry, Explaining the provision.<\/p>\n\n\n\n<p>It is noteworthy here that if the taxpayer has an income of Rs 7,00,100, the tax is 25,010.&nbsp;<\/p>\n\n\n\n<p>So, just an additional income of Rs 100 leads to a tax of Rs 25,010 earlier.<\/p>\n\n\n\n<p>But now, with this amendment, the tax individuals pay should not be more than the income that exceeds Rs 7 lakh (Rs 100 in this case), according to the ministry.<\/p>\n\n\n\n<p>Finance Minister Nirmala Sitharaman announced during the Budget 2023 that no tax would be levied on those with an annual income of up to Rs 7 lakh under the new tax regime.&nbsp;<\/p>\n\n\n\n<p><strong>Marginal Relief To The Taxpayers<\/strong><\/p>\n\n\n\n<p>According to the experts, the move was intended to compel the salaried class of taxpayers to migrate to a new tax system without investment exemptions.<\/p>\n\n\n\n<p>Under this new tax regime, no tax is levied for income up to Rs 3 lakh, as per the announcement in Budget 2023.<\/p>\n\n\n\n<p>Further, the income between Rs 3-6 lakh is taxed at 5 per cent, Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent, and income of Rs 15 lakh and above will be taxed at 30 per cent.&nbsp;<\/p>\n\n\n\n<p>The new tax regime also has a Rs 50,000 standard deduction.<\/p>\n\n\n\n<p>Now, with this new amendment to the Finance Bill 2023, the government has given &#8216;marginal relief&#8217; to those taxpayers with an annual income of a little over Rs 7 lakh.<\/p>\n\n\n\n<p>So, the Tax experts believe that the individual taxpayers with income of Rs 7,27,777 would benefit from this relief, said a PTI report.<\/p>\n\n\n\n<p>Please note here that the government has not indicated the income threshold that would be eligible for marginal relief so far.<\/p>\n\n\n\n<p>Further, the amendment to the Finance Bill seeks to provide a marginal relief to individual taxpayers having borderline income by proposing a deduction of income tax payable in excess of the differential income above Rs 7 Lakh, said Nangia Andersen LLP Partner Sandeep Jhunjhunwala in a media report.&nbsp;<\/p>\n\n\n\n<p>Further adding, &#8220;Working out the math, an individual having income up to (approx.) INR 7,27,700 could stand to benefit from this marginal relief,&#8221;.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 24 March, the Central government announced a marginal relief for taxpayers opting for the new tax regime.&nbsp; Under this relief, individuals earning a little higher than the no-tax ceiling of Rs 7 lakh will pay tax only on the differential income.&nbsp; Amendment to New Tax Regime The government introduced this amendment in the Finance [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":1244131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1239,1240],"class_list":["post-1244125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-tax-benefits","tag-tax-relief"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Earning More Than Rs 7 Lakh Per Year? 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