Finance Minister Smt. Nirmala Sitharaman presented the budget on 1 February 2023. The total budget for the financial year 2023 - 2024 is Rs 4503097 crores out of which about 13.18% has been allotted to the Defense Ministry which is Rs 593537 crores. Although many important announcements have been made in this budget, but in this post we will tell those details which are important for the defense person.
Tax Slab | Tax % |
0 - 3 Lakh | 0 |
3 Lakh - 6 Lakh | 5% |
6 Lakh - 9 Lakh | 10% |
9 Lakh - 12 Lakh | 15% |
12 Lakh - 15 Lakh | 20% |
Above 15 Lakh | 30% |
Income | Old Tax Regime | New Tax Regime | Benefits |
5 Lakh | 0 | 0 | 0 |
7 Lakh | 33800 | 0 | 33800 |
9 Lakh | 62400 | 46800 | 15600 |
10 Lakh | 78000 | 62400 | 15600 |
12 Lakh | 119600 | 93600 | 26000 |
15 Lakh | 195000 | 158000 | 37000 |
As you can see in the above table, the new tax slab is going to benefit the defense person more in filing ITR.
The standard deduction which was given to the salaried person in the old tax regime has been continued again in the new tax regime. Under the standard deduction, a salaried person can get a deduction of up to Rs 50,000 and a family pensioner can get a deduction of up to Rs 15,000. This is a commendable initiative for the salaried people in terms of tax. For your information, let us tell you that deduction is that part of income which is not taxed. Tax is calculated on income only after the deduction is subtracted from the total salary. The person taking salary under standard deduction gets an additional exemption of Rs 50000.
It has also been told in this budget that there has been a lot of improvement in the processing time of ITR and now ITR is processed much faster than before.
This was the important information related to income tax in Budget 2023 - 2024. The points given in this are very basic points. Apart from this, various sub-sections of Income Tax Section 80C are given a lot of deduction ie tax exemption. Due to lack of information, many times defense persons are not able to claim rebate in ITR. If you do not have complete information to file ITR, then always consult a tax expert ie CA so that you can file your tax properly and get tax refund.
If you want to receive Defense Welfare News through Telegram, you can subscribe to Fouji Adda Telegram channel by clicking here.