Income Tax Slab: Currently, income tax returns are filed under two tax regimes in the country. One is the New Tax Regime and the other is the Old Tax Regime. Both the tax regimes have their own advantages. In such a situation, people must know an important update.
ITR Login: Earning becomes very important for living. In such a situation, people do jobs or do business to earn. On the other hand, as the income increases, the liability of the people to pay tax also increases and the income of the people also becomes taxable. In such a situation, today we are going to give some special tips to those people, whose monthly income has crossed Rs.42,000.
Income tax return
Actually, income tax is collected by the government under two tax regimes in the country. One is the old tax regime and the other is the new tax regime. In these tax regimes, income tax is charged on different incomes according to different tax slabs. In such a situation, if someone chooses the old tax regime, then he will not have to pay any income tax up to an annual income of Rs 2.5 lakh.
Income tax slab
After this, people with an annual income of Rs 2.5 lakh to Rs 5 lakh have to pay 5% income tax. However, people up to Rs 5 lakh annual income from the government also get a rebate of 5 percent. Due to which people here also do not have to pay any income tax. In such a situation, people also get some relief.
Tax
On the other hand, according to the old tax regime, people whose income is more than Rs 5 lakh per annum and up to Rs 10 lakh per annum, those people will have to pay income tax of 20 per cent. In such a situation, an annual income of Rs 5 lakh means that if the income of the month is more than Rs 41666 (about Rs 42000), then people will have to pay tax.
Tax saving scheme
However, if the income of the month comes in the tax slab, then people should also take measures to save tax. Actually, people should invest in tax saving schemes. With this, people can save tax while filing income tax return. There are also many government schemes, in which the benefit of tax saving can be availed by investing. Tax saving up to Rs 1.5 lakh per annum can be done through section 80C of the Income Tax Act.
