Income Tax: If you are also a salaried person, then only one month is left for you to file Income Tax Return. You must file ITR by 31st July (ITR Filing Last Date), after that you will be charged a penalty. Although most salaried taxpayers know about tax slabs, but sometimes suddenly something has to be seen and for that one has to find the table of Tax Slabs. Here we are telling you about 5 such tables, by looking at which you will understand in which slab you belong and how much tax you have to pay.
Old Tax: Less than 60 years
If you are less than 60 years of age and have chosen the old tax system, then there will be no tax on your income up to Rs 2.5 lakh. After this, you can see in the table how much tax will be levied on how much income.
Old Tax: 60-80 years
If you have chosen the old tax system and your age is between 60-80 years, then you will get tax exemption on income up to Rs 3 lakh. After this, you will have to pay different taxes on the income according to different slabs.
Old Tax: More than 80 years
If you are above 80 years of age and you choose the old tax system, then you will not have to pay any tax on income up to Rs 5 lakh. You will have to pay tax as per the table on income above that.
New Tax Regime
If you have chosen the new tax system, then it is the same for people of all ages. Under this, you do not have to pay any tax on earnings up to Rs 3 lakh. On the other hand, on earnings above that, tax will have to be paid according to different slabs. Keep in mind that now the new tax system is the default option. In such a situation, if you have not chosen any tax regime, then the new tax system will be selected automatically. Know from the table how much tax will be levied on how much income.
Also know about the surcharge
If your income is up to Rs 50 lakh, then you will not be charged any surcharge, but if you earn more than that, you will have to pay a surcharge. The surcharge rates for different slabs for the new and old tax system are mentioned in the table.
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