New Delhi. If you are a tax payer or your income comes under the purview of taxable income, then it is necessary for you to file Income Tax Return (ITR Filing). However, this time people will have to face some changes while filing ITR. Because of which it becomes very important for you to be aware of these changes so that you do not face any kind of problems.
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Changes have been made in the tax slab
Presenting the budget for the year 2023, Union Finance Minister Nirmala Sitharaman had made many important announcements regarding tax. Changes made in the tax slab are also included under these announcements. In such a situation, now it is very important for tax payers to choose one of the new or old tax systems while filing ITR. In the year 2023, the Finance Minister had announced in his budget speech that the government wants to make the new tax system the default tax system. However, people will have the option of opting for the old tax system.
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Have to choose tax regime
While filing Income Tax Return (ITR Filing), you have to choose whether you want to go to the new tax system or you want to remain under the old tax system. You have to decide very carefully about this. If you have chosen the new tax system, then you will have to face difficulties in choosing the old tax system.
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What is the new tax regime
Explain that the government has increased the scope of taxable income under the new tax regime. The scope of taxable income has been increased by the government to Rs 7 lakh. Along with this, six tax slabs have been created under this new tax regime. Under which you will no longer have to pay any tax on income of Rs 3 lakh per annum.
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