Tax on Income: For the year 2021-22, ITR can be filed till 31 July 2022. If you have not filed your tax return yet, then do it immediately, the government has completely rejected the matter of increasing the deadline. That is, if the ITR is filed after the deadline, then a penalty will also have to be paid.
Income Tax Slab: The process of filing income tax return has started from July 15. If you have not yet filed your tax, then fill it immediately. Meanwhile, the government has also made it clear that now the deadline for filing income tax returns will not be extended. That is, only a few days are left for the last date to come. On the other hand, if you file ITR after this, then you will have to pay a penalty. Let us tell you that this time some people will also get an additional exemption of Rs 2.5 lakh in filing ITR. Come on, how are you Janet?
Tax slab starts from 2.5 lakhs
It is worth noting that generally people below 60 years of age fall in the tax bracket if their annual income is more than 2.5 lakhs. That is, if their income is more than 2.5 lakhs annually, then they start getting tax. In general, 5 percent tax is deducted on Rs 2.5 lakh to 5 lakh per annum.
Who and how will get the extra discount?
Now let’s talk about who and how will get extra discount? Senior citizens, whose age is between 60 years and 80 years, also have to pay tax. But for people in the age group of 60 to 80 years, the tax bracket starts when there is an annual income of Rs 3 lakh. Accordingly, these people will have to pay tax after earning an annual income of Rs 3 lakh. That is, these people get an extra discount of 50 thousand rupees.
How to get extra discount of Rs 2.5 lakh?
Apart from this, some people have also been kept in the category of Very Senior Citizen, that is, those who are above 80 years of age have also been given extra exemption in filing tax. That is, people with such Very Senior Citizen category come in the tax bracket only if they have an annual income of more than five lakhs. Now according to this, these people get an additional exemption of 2.5 lakhs as compared to the ordinary taxpayer.
