New Income Tax slab how much you will have to pay in Income Tax according to your salary

Income Tax Slab: In the latest full Modi Government 2.0 budget, the Finance Minister has made a great gift to the taxpayers. Now there will be no tax on income up to seven lakhs. Let us know about CA Ajay Bagadia, Abhinandan and Santosh Mishra, who will have to pay how much tax based on salary? How much will be the profit or loss in the old and new tax regime?

According to CA Ajay Bagadia, now a person does not have to pay any income tax up to 5 lakhs per year. Seven tax slabs were maintained in this tax system introduced in 2020.

  • 0 to 2.5 Lakh – No tax
  • From 2.5 to 5 lakhs – 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. He can claim many exemptions in the old tax regime. Like 1.50 lakh exemption under 80C, 25000 exemption under 80D. Tell him that the old system is still in place, a person can choose the new or the old tax system by looking at the profit and loss of it.

Annual salary tax of Rs 7.5 lakh

CA Santosh Mishra says that if you earn seven lakh rupees a year then you will not have to pay tax and if you earn more than seven lakh rupees or seven and a half lakh rupees a year in terms of salary then you will have to pay tax as per to the slab given in the new fiscal regime. It will be necessary to go accordingly. As soon as his profit exceeds Rs 7 lakhs, he will be taxed.

Also read: Budget 2023 Income Tax Slabs: Now those who earn up to 7 lakhs will not have to pay any tax

In this, you will not have to pay any tax on the first three lakhs. But, after this, from three lakh to six lakh (taxable income three lakh), Rs 15000 will have to be paid at the tax rate of five per cent. Whereas, from six to nine lakhs (taxable income three lakhs), Rs 30 lakhs will have to be paid at a tax rate of 10 percent.

this will be beneficial

You will have to pay Rs 45,000 as income tax and Rs 800 as four per cent fee. From this point of view, you will have to pay taxes of Rs 45,800 for earning Rs 9 lakhs. I mean, in the new tax system, now by earning 9 lakhs, you will save 15 lakhs in income tax annually. Because so far according to the new tax system, income tax of Rs 60 lakhs has to be paid on income of Rs 9 lakhs.

Annual income tax of Rs 12 lakh

CA Abhinandan says that if someone earns Rs 12 lakh per year, then no tax will have to be paid on the initial 3 lakh as before. After this, Rs 15,000 at a rate of five per cent on the next three lakhs, Rs 30,000 at a rate of 10 per cent on the next three lakhs and Rs 45,000 at a rate of 15 per cent 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 per cent cessation on tax. In total you have to pay Rs 93600.

Those who earn Rs 15 lakh annually will pay this amount of tax

CA Ajay Bagadia said that those who earn Rs 15 lakh annually come in fifth i.e. Rs 12 to 15 lakh tax. The 20% tax has to be paid on this slab, but you will not have to pay this 20% tax on all your 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 applied to the rest of the rupees. You will have to pay an income tax of Rs 1 lakh 50 thousand.

Leave a Comment