Budget: Who will get the direct benefit of Rs 17,500 from the tax slab change in the budget, know before filing ITR

Budget Income Tax: The central government feels that the new tax slab will reduce the tax burden and Finance Minister Nirmala Sitharaman has also said in the press conference that this budget is good for the salaried class.

Benefit on income tax in budget

Income Tax: The country's budget has come and the central government has claimed to give a big relief regarding income tax in the budget. Under the new tax regime, now 5 percent tax will have to be paid on income of Rs 3 lakh to Rs 7 lakh, which was earlier up to Rs 6 lakh. Changes have also been made in the second slab of the new tax regime. Taxpayers will benefit up to Rs 17,500 from these two changes. However, no changes have been made in the old tax regime, that is, only those who adopt the new tax regime will benefit.

Direct benefit of up to Rs 17,500 to taxpayers - Finance Minister

There was a demand for tax relief for a long time, this time the expectations were a bit higher. The Finance Minister did not disappoint because the new tax slab will definitely provide some relief, even if it is small. This is a relief for those whose income is up to Rs 7 lakh. In the post-budget press conference, Finance Minister Nirmala Sitharaman said, "This change will benefit taxpayers by up to Rs 17,500."

The new tax slab was introduced for the first time in 2020

In the year 2020, the Government of India introduced the new tax slab for the first time, which was not liked by most taxpayers. It was changed last year i.e. in the year 2023. Earlier there were 6 tax slabs, which were changed to 5 tax slabs. Even after that, only about 25 percent of the income taxpayers had adopted the new tax slab. Now once again it has been changed. Under the new tax system, the basic exemption limit has been increased to Rs 3 lakh. Apart from this, the standard deduction has been increased from Rs 50 thousand to Rs 75 thousand, although it was expected to be increased to Rs 1 lakh. The salaried class will benefit from this. Apart from this, the Finance Minister has also increased the deduction on family pension, increasing it from Rs 15 thousand to Rs 25 thousand. This will benefit 4 crore salaried employees and pensioners. The government has given the figure of giving benefit to 4 crore salaried people on family pension deduction in the budget.

The government claims relief through the budget- Opposition alleges manipulation of data

The government feels that the new tax slabs will reduce the tax burden and Finance Minister Nirmala Sitharaman has also said in a press conference that this budget is good for the salaried class. The opposition is calling it an illusion which is nothing more than a manipulation of figures. Samajwadi Party President Akhilesh Yadav has said that this is a budget of despair and there is nothing for the common people. 

The government has drawn a new line through the new tax slab

Overall, it is being said that there has been tax relief but not as much as was expected. The government has drawn a line between hope and despair through the new tax slab. Those who have adopted the new tax regime have been given relief by increasing the standard deduction but those who have adopted the old tax regime have remained empty handed in the budget.