The process of filing tax returns has begun. People have until July 31, 2023, to file ITRs for the FY 2022–2023 income. In addition, there are a few considerations while filing an income tax return. People must also file taxes based on their income. In light of this, we’re going to share some crucial income information with you today. In actuality, over the past few years, people’s income has climbed significantly. At the same time, people change occupations in the private sector in order to advance. In such circumstances, people’s salaries also rise. People must simultaneously file taxes based on their various salaries.
New tax regime
Finance Minister Nirmala Sitharaman made a number of significant announcements when presenting the fiscal year 2023. The Finance Minister included revisions to the tax slabs under the new tax system in these statements. Also, if you filed taxes this year, be sure to take care of your income tax bracket. If your income falls below 10 lakh rupees in such a case, you should also be aware of the applicable slab.
Rate of income tax
If you must file an ITR under the new tax system, your tax rate will be 5% on yearly income up to Rs. 6 lakh, 10% on yearly income between Rs. 6 and 9, 15% on yearly income between Rs. 9 and 12, 20% on yearly income between Rs. 12 and 15, and 30% on income beyond Rs. 15 lakh.
Tax slab
However, if individuals under the age of 60 are required to submit ITRs under the previous tax system, they will be subject to 5% tax on annual 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 over Rs 10 lakh.
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