Those whose income is above the taxable threshold must pay tax. The country currently has two different tax systems for filing income tax. The New Tax Regime and the Old Tax Regime are two examples. Both tax systems have separate tax slabs that must be filed in accordance with them when submitting taxes.
Financial statement
Nirmala Sitharaman, the finance minister, made significant modifications to the tax when she presented the Union Budget 2023. The tax system was altered as a result of these developments. The slabs were also altered along with this. The Modi administration announced a reduction in the tax rate on income up to Rs 3 lakh.
income tax Return
After that, individuals will be required to pay a 5% tax on annual income between Rs. 3-6 lakh. On the other side, if a person earns between 6 and 9 lakh rupees, they must pay 10% in tax. 15% of one’s annual income (between Rs 9 and Rs 12 lakh) would be taxed. Following this, persons whose income is between 12 and 15 lakh rupees will be subject to a 20% tax. In addition, anyone with a salary over Rs 15 lakh will be required to file a 30% tax.
Outdated laws
In contrast, under the previous system, individual taxpayers under the age of 60 were exempt from paying up to Rs 2.5 lakh. These people will then be required to pay a 5% on annual salary between Rs. 2.5 and Rs 5 lakhs. Additionally, a 20% tax will be due on income between Rs 5 and 10 lakh per year. On the other hand, those whose annual salary exceeds Rs 10 lakh will be subject to a 30% tax.
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