Continuous progress is being made in the ITR filing procedure. ITRs have been submitted by over one crore people. By July 31st, you can also submit your ITR for the fiscal year 2022–2023. You risk paying a fine if you submit your ITR beyond the deadline for any reason. It’s vital to note this time that some individuals would receive an additional exemption of Rs 2.5 lakh while filing an ITR.
Tax rates begin at 2.5 lakhs
If you are 60 years of age or younger, you must generally pay tax according to the laws on income over Rs 2.5 lakh per year. In other words, if your income exceeds Rs 2.5 lakh annually, you must pay income tax. The Ministry of Finance’s regulations state that taxes are deducted at a rate of 5% on incomes between Rs 2.5 lakh and Rs 5 lakh each year. The Finance Minister made this announcement during the budget speech.
An additional discount of 50,000 rupees
Even then, if you are over 60 but under 80, you are eligible for a tax discount on yearly income over Rs. 3 lakhs. The maximum amount of income tax that is excluded from this age group is 3 lakhs. In other words, you will be required to pay tax on any income over 3 lakh. People of this age were eligible for an additional Rs 50,000 in tax rebates under the previous tax system.
To these people, a further discount of 2.5 lakh.
Additionally, some people have been kept in the Very Senior Citizen group. People who are above 80 years old fall under this category. People who are 80 years of age or older who are filing taxes have also been granted additional exemptions. Only those who earn more than five lakh rupees a year fall into this age category. This is the basis for the additional Rs 2.5 lakh exemption that wealthy individuals receive above regular taxpayers. In addition, if your yearly income is Rs 10 lakh and you claim an income tax exemption of up to Rs 5 lakh, you will pay no tax on the remaining Rs 5 lakh of your income. Despite the fact that your taxable income is 2.5 lakhs, you owe no tax because of the Rs 12,500 exemption.
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