Income Tax Slab: Tax on income in India ( Income Tax ) is recovered through the Income Tax Department. Whichever income is more than a fixed limit, they have to pay income tax every year. Two tax regimes have been fixed by the government in the country. They also have different advantages. At the same time, the Union Budget ( Budget 2023) is also to be introduced by the Central Government in the coming weeks. This time people have high hopes of an announcement on income tax in the budget. However, it is important for some people to know an important thing before the budget.
Different slabs of income tax have been fixed in the country. In these, if the rate of different tax on income in New Tax Regime is determined, then there is a different tax rate on income in Old Tax Regime. Talking about New Tax Regime, the tax rate in this is the same for people of all ages. However, there is little change in tax rates by age in Old Tax Regime.
New Tax Regime
Hindu undivided family in New Tax Regime, persons up to 60 years of age, Senior citizens between the ages of 60 and 80 and super-seniors over 80 years of age will have to pay tax at the same rate. No increase in the basic exemption limit in the new tax regime will benefit senior and senior citizens. At the same time, tax is waived in New Tax Regime up to Rs 2.5 lakh annually.
Old Tax Regime
However, tax exemption can also be availed by age in Old Tax Regime. For the financial year 2020-21, if a person under 60 years of age fills tax according to Old Tax Regime, then he has a tax of up to Rs 2.5 lakh annually. After this, 5 per cent tax is levied on Rs 2.5 to 5 lakhs annually.
Tax up to three lakh rupees
At the same time, for the FY 2020-21, Old Tax Regime has senior citizens ( Senior Citizens ), who are over 60 years old but under 80 years old, They have a rebate in income tax up to three lakh rupees annually. This means that if a person, If he is between 60 years and 80 years old and files income tax as per Old Tax Regime, then any tax on income up to Rs 3 lakh annually Will not have to be repaid. Their tax is waived on income up to three lakh rupees annually. After this, they have to pay 5 per cent tax on income from Rs 3 lakh to Rs 5 lakh annually.
Tax up to five lakh rupees
At the same time, senior citizens (Super Senior Citizens ), who are over 80 years of age, if they file tax according to Old Tax Regime, they have up to Rs 5 lakh annually No tax has to be filed on income. However, they have to pay tax at 20 per cent on income from Rs 5 lakh to Rs 10 lakh.