In Budget 2021, two decisions have been taken regarding tax. One decision is that this time people over the age of 75 years have been given relief to not fill ITR. One decision is that up to one and a half lakh discount on home loan interest will remain this year.
Union Finance Minister Nirmala Sitharaman has presented the budget 2021. This time there has been no change in the income tax system. Taxpayers hoped that this time there would be a change in the slab and they could get relief. But, the government has decided not to make any changes in the slab this year. In such a situation, you know how much tax will have to be paid on your earnings and what are the tax slabs…
This time two decisions have been taken regarding tax. One decision is that this time people over the age of 75 years have been given relief to not fill ITR. But, only those people who are earning from their pension can take advantage of it. Their tax will already be deducted by the bank. Apart from this, a decision is that up to one and a half lakh discount on the interest of home loan will be retained this year.
Earnings from 5 lakhs to 500001- 750000
You can benefit from the old scheme through section 80 and other exemptions. In this, if your income becomes less than 5 lakh after declaring the investment, then you will not have to pay any tax. While in the new scheme you do not get any discount. In this case, you will be given 5 percent discount from 2.5 lakh to 5 lakh and 10 percent from 5 lakh to 5.7 lakh.
The big difference in this is that if you pay tax from the old scheme, then you get the benefit of exemption, but if you have more than 5 lakh tax, you have to pay 20% tax directly. While in the new scheme you have to pay only 10 percent tax, but you do not get exemption.
750001- 1000000 earning up to
In such a situation, you come in slabs ranging from 5 lakh to 10 lakhs after filling tax from the old scheme. In such a situation, after deducting the exemption up to 10 lakh, you have to pay 20 percent tax. At the same time, in the new scheme there is a separate slab between seven and a half lakh to a million. For this only 15 percent tax has to be paid, but the benefit of exemption is not available.
10 lakh to 12.5 million
In the old scheme, there is only one slab of earning from 10 lakh to 15 lakh. After this exemption, 30 percent tax has to be paid. At the same time, in the new scheme, only 20 per cent is spent on earning from 10 lakh to 12.5 million, but you cannot take advantage of it.