Income Tax: Individual taxpayers will have to pay income tax on the basis of the slab system in which they fall. Individuals may fall in a different tax bracket on the basis of their income. As a result, higher income earners will have to pay more tax. The slab system has been implemented to keep the country’s tax system uniform.
Income Tax Return: Income tax return filing has started. It is mandatory for those people whose income is taxable to file income tax return. Along with this, different taxes have to be filed according to different incomes. Income tax slabs have been made for this. At the same time, tax is collected according to the new tax regime and the old tax regime. However, now some people will also have to pay 30 per cent tax. Let’s know about it…
Tax slab
Individual taxpayers have to pay income tax on the basis of the slab system in which they fall. Individuals may fall in a different tax bracket on the basis of their income. As a result, higher income earners will have to pay more tax. The slab system has been implemented to keep the country’s tax system uniform.
Old tax system
At present, for the financial year 2022-23, if someone files income tax from the old tax system and his age is less than 60 years, then he will have to file tax as mentioned below. According to this system, if someone files tax, then he will have to pay more than 30% tax on annual income of more than Rs 10 lakh.
- Rs 2.5 lakh annual income – no tax
- Rs 2.5-5 lakh annual income – 5% tax
- Rs 5-10 lakh annual income – 20% tax
- Annual income above Rs 10 lakh – 30% income tax
New tax regime
At the same time, the income tax slabs are different in the new tax system. If someone files income tax return according to the new tax regime, then he will have to pay tax on different incomes according to different slabs. In such a situation, if someone’s income is more than Rs 15 lakh under this system, then they will have to pay 30 percent tax.
- Rs 3 lakh annual income – no tax
- Rs 3-6 lakh annual income – 5% tax
- Rs 6-9 lakh annual income – 10% tax
- Rs 9-12 lakh annual income – 15% tax
- Rs 12-15 lakh annual income – 20% tax
- Income above Rs 15 lakh per annum – 30% tax
