- Advertisement -
Home Personal Finance Income Tax: Big relief to taxpayers! These people will be charged only...

Income Tax: Big relief to taxpayers! These people will be charged only 5% tax, know details

0
Income Tax Exemption: Big news for taxpayers, Now 6 important exemptions will be available on filling ITR from old tax regime, see details

Income Tax Slab: In the old tax regime, the income tax slab for the common people is divided into three categories. These include people below 60 years of age, people between 60 and 80 years of age and people above 80 years of age. However, there is nothing like this in the new tax regime.

Income Tax Return: According to the Income Tax Act of India, income tax is levied on income earned by all individuals, HUFs, partnership firms, LLPs and corporates. In the case of individuals, the tax is not levied at a flat rate but as per the slab system. People have to file income tax return and pay applicable tax if their income exceeds the minimum limit.

Income tax return

In the old tax regime, the income tax slab for common people is divided into three categories. These include people below 60 years of age, people between 60 and 80 years of age and people above 80 years of age. However, there is nothing like this in the new tax regime. At the same time, people have to file income tax returns according to different tax slabs.

Tax slab

While filing income tax returns according to the new and old tax regime, people have to file different taxes on different incomes. However, 5% tax is also paid according to the income of the people. The rate of 5 percent is the lowest tax rate in the income tax slab.

Old Tax Regime – New Tax Regime

If a person files income tax return according to the old tax regime and the age of that person is less than 60 years, then that person will have to pay 5% tax on income between Rs 2.5 lakh per annum to Rs 5 lakh per annum. On the other hand, if a person files income tax return from the new tax slab and the income of that person is between Rs 3 lakh to Rs 6 lakh annually, then that person will have to pay 5% income tax.

- Advertisement -DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com

Exit mobile version