Income Tax rates are according to the person’s annual earnings. These income tax rates may decrease or increase or may change from time to time. Do you know that if someone’s income is from 5 lakh to 10 lakh, then how much tax will he have to pay for the year 2020-21. We give you this information.
Tax is to be paid in India on the income earned by every working people. Which is called income tax. It is important to note that the tax comes from the government funds. A slab system has been created for tax payment in India. Every year changes in tax slabs are made in the budget by the central government. Accordingly, tax is paid on income.
Tax is paid according to the tax slab.
Tell us that the tax rates are according to the annual earnings of the person. These income tax rates may decrease or increase or may change from time to time. Do you know that if someone’s income is from 5 lakh to 10 lakh, then how much tax will he have to pay for the year 2020-21. Let us give you this information.
Tax on income of 5 lakh to 10 lakh
According to the tax slab of the year 2020-2021, if someone’s income is up to 2.5 lakh, then he does not have to pay any kind of tax. On the other hand, if the income of a person is up to 5 lakh, then he will have to pay 5 percent tax on this earnings. That is, he will have to pay tax of Rs 12,500. At the same time, income from 5 lakh to 7.50 lakh will be taxed at the rate of 10 per cent, that is, it will have to pay a total of Rs 25,000. On the other hand, if someone’s income is from 7.50 lakh to 10 lakh, then 15% tax is to be paid on this income. Ie Rs 37,500
How to calculate
income tax It is important to add the amount of investment made according to Section 80C to 80U of the Income Tax Act. After this, add the amount with the basic limit of tax exemption. After this, deduct this amount from the total income. After this, you have to pay income tax according to the current tax slab applicable on the amount left.
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