Income Tax: How can you escape paying tax on ₹10 lakh in annual income?
The Union Budget 2024 brought substantial revisions to the new tax system, enhancing its appeal to taxpayers. The standard deduction has been raised from ₹50,000 to ₹75,000 in the new tax regime introduced in this year’s budget announcement. Individuals earning up to ₹7 lakh per year will be exempt from paying income tax. The objective…