There are now two different tax systems in place in the nation. The old tax system is one, while the new tax system is the other. People are free from paying taxes under the new tax system up to an annual income of Rs 7 lakh. However, under this system, people receive no benefits from any investments besides the standard deduction. In contrast, the old tax system had somewhat different revenue tax bands, but it also provided investors with a tax exemption. Please share any unique information you have regarding the previous tax system in this circumstance.
Financial statement
Different tax slabs will apply if you are under 60 years old and are filing a tax return from the previous tax system. On the other side, if you are older than 60 and want to file under the previous tax system, you will be subject to a higher tax rate. For those under the age of 60, the former tax system included the following tax brackets: 0% tax on income up to Rs 2.5 lakh, 5% tax on income between Rs 2.5 lakh and Rs 5 lakh, 20% tax on income between Rs 5 lakh and Rs 10 lakh, and 30% tax on income above Rs.
Slab Tax
However, if a tax return from the previous tax system is to be made and the taxpayer is between the ages of 60 and 80, no tax would be due on the Rs. 3 lakhs in annual income. Tax rates are 5% on income between Rs. 3 and Rs. 5 lakhs annually, 20% on income between Rs. 5 and Rs. 10 lakhs annually, and 30% on income over Rs. 10 lakhs annually.
Income tax
On the other hand, if you are above 80 and must submit an ITR under the previous tax law, you will not be required to pay any tax on an annual income of Rs 5 lakh. Additionally, there would be a 20% tax requirement for income between Rs 5 lakh and Rs 10 lakh and a 30% tax need for income over Rs 10 lakh.
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