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HomePersonal FinanceIncome Tax Slab Rate: Big news! 4 tax slabs and heavy income...

Income Tax Slab Rate: Big news! 4 tax slabs and heavy income tax of 30%, know updates before budget

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Income Tax Slab Rate: At present, income tax is collected in the country according to the two tax system. One of these is Old Tax Regime and the other is New Tax Regime. If a person files tax according to the Old Tax Regime, then he can also get many types of exemptions.



Budget 2023: Budget 2023 will be presented in front of the country in a few days. People have high expectations from this budget. At the same time, there has been no change in the income tax slab for a few years. In such a situation, people are hopeful that some relief step will be taken by the government regarding income tax. Whereas today we are going to tell you the important update related to income tax before the budget. People who do not file income tax should also be aware of this. Let’s know…

Income Tax Slab

At present, income tax is collected in the country according to the two tax system. One of these is Old Tax Regime and the other is New Tax Regime. If a person files tax according to the Old Tax Regime, then he can also get many types of exemptions. On the other hand, if someone files tax according to the New Tax Regime, then he cannot get other exemptions. Whereas today we are going to update you about the slabs present in Old Tax Regime.

Income Tax

Actually, there are four tax slabs in the Old Tax Regime, according to which tax is filed. According to the financial year 2022-2023, if an individual taxpayer below the age of 60 years in the country files tax according to the Old Tax Regime, then he does not have to pay any tax on an annual income of Rs 2.5 lakh. After this, 5% tax is charged from income of Rs 2.5 lakh per annum till income of Rs 5 lakh per annum.

According to Tax Slab

Old Tax Regime, if someone’s income is more than Rs 5 lakh per annum and up to Rs 10 lakh per annum, then he will have to pay 20% income tax. On the other hand, if someone’s income is more than Rs 10 lakh annually, then he has to pay income tax of 30 percent.

Pravesh Maurya
Pravesh Maurya
Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ businessleaguein@gmail.com
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