Good news: No income tax up to 7.27 lacs

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No income tax on income up to 7.27 lakhs:

Finance Minister Nirmala Sitharaman










Union Finance Minister Nirmala Sitharaman on Friday that the government has offered multiple tax benefits to middle-class people. She also reiterated that the government provides income tax exemption for those earning up to ₹7.27 lakh per annum under the new tax regime.

For ₹7.27 lakh, you don't pay any tax now. It is only at ₹27,000 that the break-even comes. After that you start paying tax," she said.

"You have a standard deduction of ₹50,000 also. Under the new scheme, the grievance was that there was no standard deduction. It is given now. We have brought in the simplicity in the paying rate and the compliance side," Nirmala Sitharaman added.

This news is going to be a big relief for tax payers. Don’t forget to file your ITR before 31st July.

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