Income Tax Return: Those whose income is more than the taxable limit, they have to pay tax. Currently, income tax is filed under two different tax regimes in the country.
These include New Tax Regime and Old Tax Regime. While filing tax in both the tax systems, different tax slabs have been given, according to which tax has to be filed.
Income tax return
While presenting the Union Budget 2023, Finance Minister Nirmala Sitharaman had announced several changes in income tax. Under these changes, the tax regime was also changed. Along with this, the income tax slabs were also changed. While announcing the change in the new tax regime, the Modi government has kept zero tax up to Rs 3 lakh.
ITR
After this, people will have to pay 5% tax on income of Rs 3-6 lakh annually. On the other hand, if someone’s income is 6-9 lakh rupees, then these people will have to pay 10% income tax. If someone’s annual income is Rs 9-12 lakh, then these people will have to pay 15% tax. After this, those people whose income is 12-15 lakh rupees, then those people will have to pay tax of 20%. Apart from this, people whose income is more than Rs 15 lakh will have to file 30% tax.
Old tax regime
On the other hand, if we talk about the old tax regime, then individual taxpayers below the age of 60 years will not have to pay any tax up to Rs 2.5 lakh. After this, these people will have to pay 5% tax on annual income of Rs 2.5 to 5 lakh. At the same time, 20 percent tax will have to be paid on the annual income of Rs 5-10 lakh. On the other hand, those whose income is more than Rs 10 lakh annually, they will have to pay tax of 30 percent.
