There is important news for those paying income tax. If you are also troubled by paying heavy income tax, then now you do not need to take tension at all. This time the Central Government is planning to make a big change in the tax, after which those earning up to Rs 5 lakh will not have to pay any tax. Finance Minister Nirmala Sitharaman is going to give a big gift to the taxpayers in the budget this time.
Now the limit is Rs 2.5 lakh
Let us tell you that at present no tax has to be paid on annual income up to Rs 2.5 lakh, the government is planning to increase the limit to Rs 5 lakh. That is, if your annual income is also Rs 5 lakh, then you will not have to pay any tax.
Last change was in 2014
This will be the last full budget of the second term of the Central Government, which will be presented by the Finance Minister. After this, elections are to be held in the year 2024, so it is believed that the government can give big relief to the middle class this year. Before this, the last change in the limit of personal tax exemption was made in the year 2014.