Union Price range 2022-23: Every system has a number of slabs or tax charges for particular person taxpayers based mostly on their annual revenue and age.
Union Price range 2022-23: Finance Minister Nirmala Sitharaman will current the Union Price range 2022-23 on February 1 at 11 am. News18
Because the date for the presentation of the Union Price range for 2022-23 attracts nearer, all eyes are on Finance Minister Nirmala Sitharaman. Many individuals are curious to know whether or not Sitharaman will announce some revenue tax advantages on February 1.
The revenue tax system is presently divided into two structures- the brand new and the outdated taxation system. Every system has a number of slabs or tax charges for particular person taxpayers based mostly on their annual revenue and age.
Here is How You Can Calculate Your Revenue Tax Earlier than Union Price range
Go to the official web site of Revenue Tax Division of Central Authorities – https://www.incometaxindia.gov.in/.
Click on on the choice of Tax Instruments which is given on the principle web page
Choose the choice of Tax Calculator and enter the required particulars like your residential standing, internet taxable revenue and many others.
Submit your monetary assertion to see the revenue tax payable to you
Direct hyperlink right here.
Particular person taxpayers fall underneath three categories- individuals under 60 years of age (together with each non-resident and resident), resident senior residents within the age group of 60 to 80 years and tremendous senior residents who’re above 80 years of age.
Outdated tax regime:
This construction permits particular person taxpayers to make the most of sure deductions and exemptions. There are 4 slabs within the outdated tax regime:
- People whose annual revenue is lower than Rs 2.5 lakh don’t have to pay any revenue tax
- Individuals whose revenue falls within the vary of Rs 2.5 lakh to Rs 5 lakh, should pay 5 p.c revenue tax
- Taxpayers whose revenue is between Rs 5 lakh to Rs 10 lakh should pay 20 p.c tax on their revenue.
- These incomes greater than Rs 10 lakh can be taxed on the charge of 30 per cent.
New Tax Regime:
This construction permits people to pay taxes at decrease charges, in the event that they omit sure deductions out there underneath part 80C. Residence mortgage waiver, insurance coverage and normal exemption are additionally not relevant underneath this method.
- Individuals with annual revenue as much as Rs 2.5 lakh are exempted from paying revenue tax
- Particular person taxpayers with an revenue of Rs 2.5-5 lakh can be taxed at 5 per cent on their whole revenue
- Individuals incomes between Rs 5 lakh to Rs 7.5 lakh should pay revenue tax of 10 p.c of their revenue.
- Taxpayers with an annual revenue between Rs 7.5 lakh and Rs 10 lakh can be taxed at 15 per cent on their revenue.
- Individuals incomes between Rs 10 lakh to Rs 12.5 lakh yearly should pay 20 per cent as revenue tax
- People with an annual revenue between Rs 12.5 lakh and Rs 15 lakh can be taxed at 25 per cent on their revenue
- Lastly, these incomes greater than Rs 15 lakh yearly can be taxed at 30 per cent on their revenue