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NewsTranscript
00:00Finance Minister Nirmala Sitharaman has presented the budget in the parliament and during this time she has made a big announcement about the income tax.
00:12In the new tax system, the standard deduction has been increased from Rs 50,000 to Rs 75,000 and the minimum pension limit has also been increased from Rs 15,000 to Rs 25,000.
00:22Finance Minister Nirmala Sitharaman has said that this will benefit crores of debtors.
00:26In addition, the annual tax has also been completely abolished.
00:29So now we will tell you how the income tax system is in India.
00:33There are two income tax systems, one is the old tax regime and the other is the new tax regime.
00:37The new tax regime was implemented in 2020 and it was changed in 2023.
00:42Taxpayers have the option to choose one of the two systems.
00:47Both income tax systems have the facility of Rs 50,000 standard deduction.
00:51If the taxpayer does not choose any system, then he himself comes under the new tax regime by default.
00:58If we talk about the old tax system, then in the old system, the income tax is free up to Rs 2.5 lakh.
01:04A 5% tax is imposed on the annual income of Rs 2.5 lakh to Rs 5 lakh.
01:08However, people up to Rs 5 lakh can claim a deduction of Rs 12,500 under section 87A of the IT Act.
01:16After this, there is a 20% tax on the income of Rs 5 lakh to Rs 10 lakh and a 30% tax on the income above Rs 10 lakh.
01:23If we talk about the new system, then there are 5 tax slabs in the new system,
01:27out of which there is no tax up to Rs 7 lakh and you get a standard deduction of up to Rs 50,000.
01:33Therefore, the income tax is free up to Rs 7.5 lakh.
01:36After this, 5% tax on the income of Rs 3 lakh to Rs 6 lakh, 10% tax on the income of Rs 6 lakh to Rs 9 lakh,
01:4215% tax on the income of Rs 9 lakh to Rs 12 lakh, 20% tax on the income of Rs 12 lakh to Rs 15 lakh, and 30% tax on the income of Rs 15 lakh.
01:49So now the change in this is that the government has increased the standard deduction limit from Rs 50,000 to Rs 75,000 in the new tax regime.
01:57So with this, the tax free income of the common man in the new tax regime will be Rs 7.75 lakh.
02:05That's all in the video.
02:06How did you like this step of the Modi government?
02:08Do tell by commenting.
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