Income Tax Slab: The Income Tax Act not only provides provisions for taxing the income of citizens, It also provides many ways through which any deduction and exemption can be claimed. Deductions are allowed through taxpayers based on how to spend their income. At the same time, many important provisions have also been made in income tax. On New Year 2023, people need to know these provisions, Taki can get benefit while paying income tax.
Standard deduction
One such deduction given to persons working on salary is considered very important. During the filling of income tax, salaried persons and pensioners can get a rebate by default in addition to the expenditure incurred by any investment or taxpayers. It is called Standard Deduction and was reintroduced during the budget announcement in 2018.
Income tax exemption
Standard deduction means a flat deduction for persons earning salary or pension. A flat exemption is granted to people continuously under Standard Deduction from AY 2020-21. Under the Standard Deduction, a flat exemption of Rs 50000 has been provided to the people. This gives a lot of relief to the tax paying people.
50 thousand discount
If a person is earning salary, then during the income tax, that person will get a discount of Rs 50000 directly under Standard Deduction. To achieve this 50000 rupees exemption, that salaried person will not have to show any investment or other thing of any kind.
