Income Tax Return: Income tax slab has been told by the Income Tax Department. At present, there are two slabs for paying income tax in the country. These include New Tax Regime and Old Tax Regime. If New Tax Regime is selected then tax has to be filed on separate income.
Income Tax Slab: Tax is also collected on income to run many welfare schemes in the country. By paying tax on income, people contribute to the progress and development of the country. On the other hand, if your income is taxable, then according to the income tax slab, tax has to be paid on that income as well. If someone does not pay tax on taxable income, then action can also be taken against him. At the same time, the budget 2023 is going to be presented soon in the country. In such a situation, there should be information about the current income tax slab even before the new budget.
Income Tax
Income tax slab has been told by the Income Tax Department. At present, there are two slabs for paying income tax in the country. These include New Tax Regime and Old Tax Regime. If New Tax Regime is selected then tax has to be filed on separate income. Wherein Old Tax Regime is chosen then tax is paid on separate income. Along with this, many other benefits are also included in the Old Tax Regime.
Income tax slab
On the other hand, if someone files tax according to the New Tax Regime, then many tax rates are available there. According to FY 20-21, in the New Tax Regime, five per cent tax has to be paid on income between Rs 2.5 lakh per annum to Rs 5 lakh per annum.
Income tax slab rate
On the other hand, if the income is more than Rs.5 lakh per annum and someone is earning up to Rs.7.5 lakh per annum, then after choosing the New Tax Regime according to FY 20-21, 10% tax will be levied on it. On the other hand, if the income is more than Rs 7.5 lakh per annum and up to Rs 10 lakh per annum, then after choosing the New Tax Regime according to FY 20-21, taxpayers will have to pay 15% tax on it.
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