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Income Tax Calculation: Shock to tax payers before budget on new year, these people will have to pay 54,600 ₹ Income Tax

Budget 2023: New Year has begun. Some Thein will start the budget session later and on 1 February 2023, the minister will present the budget in the Parliament of Srlala Sitaraman. From this time budget, there are many types of expectations to the working class, including the business class. From the first budget of independent India from the Ministry of India till now, tax payers have been changed from time to time in tax houses along with all kinds of suv genres. On behalf of the Modi government, the blister of the second tax payers has been introduced to the L’Ix’s NIGIM and Old Rijim.

Exemption from income tax up to two and a half million annual income
There is also a big difference in both the tax’s lab. According to one figure, half-time tax payers choose Old Rijim only. In both the cases, the annual income of up to two and a half lakh rupees is exempt from income tax. Lake is a tax of 5 prat ist on income from two and a half million to 5 lakhs. Old Rijim has to pay 20 price tax on income from Rs 5 lakh to Rs 10 lakh annually. Taxes of 30 morning are payable on annual income of 10 to 15 lakhs or more.

Let’s talk today, your annual income is 10 lakh rupees and you live on rent. Apart from this, you do not invest one and a half lakh rupees as per Section 80C of Income Tax, then today we calculate your tax.

This is the whole count
1. If your annual income is Rs 10 lakh, then your taxable income has come down to Rs 9.50 lakh on the 50 thousand standard deed reduction from the Ministry of the Ministry.
2. After this it is believed that you have saved up to Rs 1.5 lakh under Section 80C of Income Tax. In this you can do tuition fei, ALIC ( LIC), PPF ( PPF ), mutual fund ( ELSS ) and EPF ( EPF ) ad. In this way your taxable income has come down to 8 lakh rupees.
3. House rent allowance up to one lakh rupees ( HRA) You do not need to give a pan card of house goods. If you give so much, then your taxable income has come down to 7 lakh rupees. You have to pay tax on this body.
4. On income from two and a half lakh to 5 lakh, Rs 12,500 was fixed from 5 prat ist. After this, 40 thousand tax was done from 20 Prat ist of 20 Prat ist on income from 5 to 7 lakhs. In this way, the total tax from two and a half lakh to five lakhs was Rs 52,500.
5. Now you have to give sas from the number of 4 prat ist, which is Rs 2,100. In this way, your total income tax on salary of 10 lakh was Rs 54,600.

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