As the budget 2023 is getting closer, people’s concern about tax is increasing because the news is coming that in 2023 the government is going to bring 4 tax slabs and the tax is going to increase to 30%. What is the full news, let’s know
New Delhi : Budget 2023 will be presented in front of the country in a few days. People have high expectations from this budget. At the same time, there has been no change in the income tax slab for a few years. In such a situation, people are hopeful that some relief step will be taken by the government regarding income tax. Whereas today we are going to tell you the important update related to income tax before the budget. People who do not file income tax should also be aware of this. Let’s know…
Income Tax Slab
At present, income tax is collected in the country according to the two tax system. One of these is Old Tax Regime and the other is New Tax Regime. If a person files tax according to the Old Tax Regime, then he can also get many types of exemptions. On the other hand, if someone files tax according to the New Tax Regime, then he cannot get other exemptions. Whereas today we are going to update you about the slabs present in Old Tax Regime.
Income Tax
Actually, there are four tax slabs in the Old Tax Regime, according to which tax is filed. According to the financial year 2022-2023, if an individual taxpayer below the age of 60 years in the country files tax according to the Old Tax Regime, then he does not have to pay any tax on an annual income of Rs 2.5 lakh. After this, 5% tax is charged from income of Rs 2.5 lakh per annum till income of Rs 5 lakh per annum.
According to Tax Slab
Old Tax Regime, if someone’s income is more than Rs 5 lakh per annum and up to Rs 10 lakh per annum, then he will have to pay 20% income tax. On the other hand, if someone’s income is more than Rs 10 lakh annually, then he has to pay income tax of 30 percent.
