Income Tax: The tax structure in the country has often been a topic of discussion, now the central government has answered the question whether the tax system will be rolled up.
New Delhi : income tax, income tax in india (Income tax) Will it end? No, no, this is not an election gimmick. This is the question in people’s mind. some taxpayers (Taxpayers) The question is in mind. Some people also resent the fact that the government taxes everything. The poor also feel that by purchasing goods they are adding a petal to the coffers of the country. so many people think about income (Income) This tax structure on income should be abolished. CNBC Awaaz questioned the Finance Secretary about this. He answered this question.
Union Finance Minister presented the country’s budget two days ago. (Budget 2023) The complete central government has given two options namely new tax system and old tax system. Citizens have been given freedom of choice. Advance tax structure for taxpayers to pay taxes (Income Tax Slab) Have to choose.
So will income tax be abolished in the country? The central government replied to this. Revenue Secretary Sanjay Malhotra answered this question. Accordingly, the central government helps the common people by increasing the income tax or decreasing the income tax. Because the money collected in the form of taxes is spent on public welfare schemes of the people.
That’s why he didn’t give a straight answer that income tax will be abolished. If income tax is abolished, from where will the central government get the revenue? Therefore, it is necessary to spend the income from income tax on public welfare schemes.
Citizens of some countries of the world do not have to pay any income tax. This includes the countries of Kuwait, Bahrain. The citizens here do not have to pay any kind of income tax. This list includes Bahrain and Kuwait as well as Oman. Citizens of Oman do not have to pay any income tax.
In India also some people do not need to pay tax at all. Persons whose age is less than 60 years. His annual income is Rs 2.5 lakh. There is absolutely no need to pay tax to them. However, a person whose income exceeds this limit has to submit an ITR application.
The age of a person is more than 60 years and less than 80 years. Also, his annual income is three lakh rupees. Still the individual is kept in the tax net. They have to pay tax.
So the age of a person is more than 80 years and his annual income is Rs.5 lakh. That person need not pay tax. But there is an exception to this rule when the income limit is higher.
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