Income Tax Slab: In the last full budget of Modi Government 2.0, the Finance Minister has given a big gift to the taxpayers. Now there will be no tax on income up to seven lakhs.Let’s know from CA Ajay Bagadia, Abhinandan and Santosh Mishra, who will have to pay how much tax according to salary? How much will be the benefit or loss in the old and new tax regime?
According to CA Ajay Bagadia, now a person does not have to pay any tax on income up to 5 lakhs annually. Seven tax slabs were kept in this tax system introduced in the year 2020.
0 to 2.5 Lakh – No Tax
From 2.5 to 5 lakh – five percent
5 lakh to 7.5 lakh – 10 percent
7.5 lakh to 10 lakh – 15 percent
10 lakh to 12.5 lakh – 20 percent
12.5 lakh to 15 lakh – 25 percent
Above 15 lakh – 30 percent
According to Bagadia, now the new income tax system is by default and the old one is optional. Taxpayers can continue in the old tax regime with exemptions and deductions if they wish. You can claim many exemptions in the old tax regime. Like 1.50 lakh exemption under 80C, 25000 exemption under 80D.Tell that the old system is still going on, a person can choose the new or old tax system by looking at his profit and loss.
Tax on annual salary of Rs 7.5 lakh
CA Santosh Mishra says that if you earn seven lakh rupees annually then no tax will have to be paid and if you get more than seven lakh rupees or seven and a half lakh rupees annually in terms of salary, then you will have to pay tax according to the slab given in the new tax regime. Will have to go accordingly. As soon as your income crosses Rs 7 lakh, you come under the tax slab.
In this, you will not have to pay any tax on the first three lakhs.But, after this, on three lakh to six lakh (taxable income three lakh), Rs 15000 will have to be paid at the tax rate of five percent. Whereas, on six to nine lakhs (taxable income three lakhs), 30 thousand rupees will have to be paid at 10 percent tax rate.
this much will be beneficial
You will have to pay Rs 45,000 as income tax and Rs 800 as four percent. From this point of view, you will have to pay tax of Rs 45,800 on earning Rs 9 lakh. That is, in the new tax system, now on earning 9 lakhs, you will save 15 thousand rupees in income tax annually. Because, till now, according to the new tax system, income tax of Rs 60 thousand has to be paid on the income of Rs 9 lakh.
Tax on annual income of Rs 12 lakh
CA Abhinandan says that if someone earns Rs 12 lakh annually, then no tax will have to be paid on the initial Rs 3 lakh as before. After this, 15000 at the rate of 5% on the next three lakhs, 30000 at the rate of 10% on the next three lakhs and 45000 rupees at the rate of 15% on the remaining three lakhs. In this way, you will have to pay Rs 90,000 as income tax and Rs 3,600 as four percent on the tax. In total you have to pay Rs 93600.
Those earning Rs 15 lakh annually will pay this much tax
CA Ajay Bagadia told that those earning Rs 15 lakh annually come in the fifth i.e. Rs 12 to 15 lakh tax slab.20% tax has to be paid in this slab, but you will not have to pay this 20% tax on your entire income. You will have to pay 20% tax only on what you have earned above Rs 12 lakh i.e. above Rs 3 lakh and the initial tax slab will be applicable on the rest of the rupees. You will have to pay income tax of Rs 1 lakh 50 thousand.
