Tax on Income: For the year 2021-22, ITR can be filed till 31 July 2022. At the same time, if the ITR is filed after this date this year, then a penalty may also have to be paid.
Income Tax Slab: The process of filing income tax return has started. People are filling their ITR for the year 2021-22. At the same time, this year, individual people will have to file income tax return by July 31. There are few days left for the last date to come. On the other hand, if ITR is filed after this, then fine can also be imposed. Also, this time some people will also get an additional exemption of Rs 2.5 lakh in filing ITR.
Tax bracket starts from 2.5 lakhs
In general, if the annual income of people below 60 years of age is more than 2.5 lakhs, then they come in the tax bracket. Tax is levied only when such people have an income of more than 2.5 lakhs. In general, 5 percent tax is deducted on Rs 2.5 lakh to 5 lakh annually.
50 thousand extra discount
On the other hand, senior citizens whose age is more than 60 years but less than 80 years, such people also have to pay tax. However, for people in the age group of 60 to 80 years, the tax bracket starts with an annual income of Rs 3 lakh. These people will have to pay tax after having an annual income of Rs 3 lakh. In such a situation, these people get an extra discount of 50 thousand rupees.
Extra discount of Rs 2.5 lakh to these people
At the same time, some people have also been kept in the category of Very Senior Citizen. In this category people are included, whose age is more than 80 years. At the same time, these people have also been given extra exemption in filing tax. People belonging to such Very Senior Citizen category come in the tax bracket only if they have an annual income of more than five lakhs. Due to which they already get an additional 2.5 lakh rupees exemption as compared to the normal taxpayers.
