Tax Exemption for Income tax payers

Tax Exemption for Income tax payers – Income tax was introduced in India in 1860 for the first implementation under James Wilson. After 1947, the Act was discussed again in 1961. Income Tax Rules came into light nation-wide from 01. 04. 1962.

New update on Income taxes – Tax Exemption for Income tax payers.

As per officials, the population of our country is about 142crores till date. Out of this 8crore people pay income tax. Therefore, in today’s report, we will discuss the changes in these rules and Tax Exemption for Income tax payers.

Let’s discuss about the tax slabs of Income Tax:-
1) If the annual income is up to 2 lakh 50 thousand taka, no tax is required.
2) 5% income tax has to be paid annually if the income is between 2 lakh 50 thousand to 5 lakh rupees.
3) 10% tax will be paid annually if the income is from Rs 5 lakh to Rs.7 lakh 50 thousand.

4) 15% tax should be paid if the income is between Rs.7 lakh 50 thousand to 10 lakh rupees.
5) Income between Rs.10 lakh to Rs.12 lakh 50 thousand has to pay 20% tax.
6) Citizens earning between Rs.12 lakhs and 50 thousand to 15 lakhs have to pay 25% income tax.

Moving light in evening sky; People are in confusion and terror!

7) Citizens earning more than Rs.15 lakhs a year have to pay 30% tax.
Many experts believe that Union Finance Minister Nirmala Sitharaman may lower the minimum income tax limit of Rs2.50 lakh – Rs.5 lakh. It is also known that all the remaining slabs will be changed. If you have any questions or comments about tax exemption for income tax payers, you can tell in the comment box below. Keep visiting our website for more.
Written and edited by Rajeshwari.

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