Income Tax Slab: Income tax return is filed in India through two tax regimes. One is the new tax regime and the other is the old tax regime. Both the tax regimes have their own distinct advantages. At the same time, the tax slabs applicable in these tax regimes are also different.
Income Tax Return: The last date for filing income tax return is drawing near. People can file their income tax return till 31 July 2023. After this, if someone files income tax return, then a fine of Rs 5,000 can also be imposed on him. However, it is not necessary that all people have to file income tax. Some people have also got exemption from this.
Income Tax
Actually, income tax return is filed in India through two tax regimes. One is the new tax regime and the other is the old tax regime. Both the tax regimes have their own distinct advantages. At the same time, the tax slabs applicable in these tax regimes are also different. In such a situation, whenever you file ITR, keep complete information about which of the two options to choose. On the other hand, if ITR is being filled, then some people will not have to pay income tax. Let us know about those situations when people do not have to pay tax.
As per the old tax regime
- People below 60 years of age will not have to file any tax up to an annual income of Rs 2.5 lakh.
- Annual income between Rs 2.5 lakh to Rs 5 lakh is taxed at 5 per cent, but this tax is saved due to getting 5 per cent rebate.
- No tax will be levied on income of Rs 3 lakh per annum for people above 60 years of age but below 80 years of age.
- No tax will be levied on annual income up to Rs 5 lakh for people above 80 years of age.
According to the new tax regime
- No tax filing till annual income of Rs 3 lakh.
- Rebate is given up to Rs 7 lakh per annum. In this case tax is saved.
