The deadline for filing taxes returns is quickly approaching. Tax returns can be submitted up to July 31, 2023. A punishment of Rs 5,000 can be imposed on the offender if his taxes are filed after this. All individuals do not, however, required to file income taxes. Additionally, some persons are excluded from this.
India has two tax systems under which income tax returns are filed.
The new tax system is one, and the old tax system is the other. Both tax systems have their unique benefits. The tax slabs that apply under these tax regimes are also varied at the same time. When filing an ITR in this circumstance, keep detailed records regarding your decision between the two possibilities. On the other hand, certain people will not be required to pay income tax if ITRs are filed. Tell us about the circumstances in which people are exempt from paying taxes.
People under the age of 60 were exempt from filing taxes
under the previous tax system up to an annual income of Rs 2.5 lakh. Between Rs 2.5 lakh and Rs 5 lakh in annual revenue is taxed at 5%, although this tax is avoided thanks to a 5% refund.
- For individuals over 60 but under 80, there will be no tax on income up to Rs 3 lakh annually.
- Individuals over the age of 80 will not be subject to tax on income up to Rs 5 lakh per year.
- According to the new tax regime, no tax reporting is required up to an annual income of Rs. 3 lakh.
- Up to Rs 7 lakh in rebates are offered annually. Taxes are avoided in this situation.
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