x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   AYUSH camp organised at Jammu Airport | DC Udhampur reviews progress of works | GDC Thannamandi organizes Indoor Sports Activities | GDC Tral hosts national seminar | Doda admin kicks off winter preparations | NC's unconstitutional actions may delay restoration of statehood, warns BJP | Para defends Jamaat, late Mufti; accuses NC of ‘sellout’ | BJP holds parallel session | Assembly adjourned sine die | Dr Farooq witnesses proceedings | BJP members continue protest | No power can restore Article 370: PM Modi | 3 LeT terror aides involved in Sgr grenade attack arrested: IGP Birdi | ACB unearths another land scam | Kishtwar: Bodies of martyred VDGs found | Prompt action against corrupt important: Prez Murmu | Establish mandatory accessibility standards for disabled persons: SC directs Centre | Jammu Admin Prepares for Gurupurab Celebrations | Winter preparedness reviewes | Counter-Terrorism Policy | Div Com Jammu reviews winter preparedness | Javed Rana assures inclusive development for all | South Zone Jammu police organizes Thana Diwas | Immortal voices of poets to resonate at Mahakumbh | 'Jahan dikhe Sapayi, wahan bitiya ghabrayi': CM Yogi | Extreme weather claimed over 3,200 lives in first 9 months of 2024: CSE report | Tonnes of untreated waste being dumped in landfills in Kedarnath: RTI query | 'Chief, You Truly Did It Your Way', says CJI Chandrachud's successor in emotional farewell | Power shut down in several areas | Won't let Article 370 be back even after four generations of Sharad Pawar: Amit Shah | Rattan Lal Gupta criticizes BJP Legislators for disrupting Assembly | J&K police hosts landmark conference on “Urban Policing” | Tony urges CM to address genuine demands | MIET, FICCI FLO JKL host JK startup conclave | Delhi HC asks Tihar Jail to provide medical aid to jailed separatist leader Yasin Malik | Protests against VDG killings rock Kishtwar | DM Kishtwar slaps PSA on five hardcore criminals; 22 more on radar | Use Carnatic music to promote Kannada language: Nirmala Sitharaman | BJP's membership drive is to reach the common masses: Rekha Mahajan | JMC Commissioner conducts surprise sanitation check | One-day training program on organic farming held | Supporters of MLA Mohan Lal stage protest in Akhnoor | JKTJAC delegation meets DSEJ | Keshav Chopra organises Aadhaar Enrollment Camp | Dogra Sabha condemns call to restore Article 370 | FADA releases October 2024 vehicle retail data | Horticulture Deptt hosts training session | SRS condemns killing of two VDG members | Police seize 3 vehicles for illegal mining | J&K High Court Bar Association condemns killing of VDG members | HPS girls selected for National Basketball Championship | 'Yuvtarang-2024': Day III showcases student creativity | GDC Nagrota signs MOU with Food Craft Institute | Sahil Mahajan makes JSS Kathua proud | GDC Hiranagar hosts seminar | Nagbani outshines in Roller Skating Championship | Expert lecture on professional ethics, humanities held | Ramisht College leads cleanliness drive | J&K Ball Badminton trials and coaching camp announced | Indian Army conducted Veterinary Camp at Shikari Reasi | Army conducted medical patrol for local resident | Back Issues  
 
news details
Individual taxpayers with income over Rs 7 lakh to get relief
3/24/2023 11:07:24 PM

Agencies

NEW DELHI, Mar 24: In a relief to taxpayers opting for new tax regime, individuals earning marginally higher income than no-tax ceiling of Rs 7 lakh will pay tax only on the differential income after the government amended the Finance Bill.
The Finance Bill 2023, passed by the Lok Sabha on Friday, has proposed a marginal relief to taxpayers under new tax regime.
Explaining the provision, the finance ministry said under the new tax regime with effect from April 1, if a taxpayer has annual income of Rs 7 lakh s/he pays no tax. But if s/he has income of Rs 7,00,100 s/he pays tax of 25,010.
Thus an additional income of Rs100 leads to a tax of Rs 25,010.
Hence, marginal relief is proposed to that so that the tax what one pays should not be more than the income that exceeds Rs 7 lakh (Rs 100 in this case), the ministry said.
Nangia Andersen LLP Partner Sandeep Jhunjhunwala said the amendment to Finance Bill seeks to provide a marginal relief to individual taxpayers having borderline income by proposing a deduction of income tax payable in excess of the differential income above Rs 7 Lakh.
”Working out the math, an individual having income up to (approx.) INR 7,27,700 could stand to benefit from this marginal relief,” Jhunjhunwala added.
The budget 2023-24 had announced the tax rebate whereby no tax would be levied on those with annual income of up to Rs 7 lakh under the new tax regime. The move which experts felt was a push for salaried class taxpayer to switch to new tax regime where no exemptions on investments is provided.
Under the revamped new tax regime, no tax would be levied for income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent. Further, a Rs 50,000 standard deduction was allowed under the new regime.
Now the government has brought in amendments to the Finance Bill 2023, which has given ‘marginal relief’ to those taxpayers with annual income a little over Rs 7 lakh.
Although the government has not specified the threshold income which would be eligible for marginal relief, tax experts said as per computation, individual taxpayers with income of Rs 7,27,777 would be benefited by this relief.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU