New Income Tax Slab: Know from CA Ajay Bagadia, Abhinandan and Santosh Mishra who will have to pay how much tax as per salary? How much will be the benefit or loss in the old and new tax regime?
Income Tax Slab: In the last full budget of Modi Government 2.0, the Finance Minister has given a big gift to the taxpayers. Now there will be no tax on income up to seven lakhs. Let us know from CA Ajay Bagadia, Abhinandan and Santosh Mishra who will have to pay how much tax according to the salary? How much benefit or loss will there be in the old and new tax regime?
According to CA Ajay Bagadia, currently a person does not have to pay any tax on income up to Rs 5 lakh annually. Seven tax slabs were kept in this tax system started in the year 2020.
0 to 2.5 lakh – no tax
2.5 to 5 lakh – 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
More than 15 lakh – 30 percent
According to Bagadia, now the new income tax system is by default and the old one is optional. If the taxpayer wants, he can remain in the old tax system with exemptions and deductions. In the old tax regime, you can claim many types of exemptions. Like exemption of Rs 1.50 lakh under 80C, exemption of Rs 25000 under 80D. Let us tell you that the old system is still in place; a person can choose the new or old tax system after looking at his profit and loss.
Tax on annual salary of Rs 7.5 lakh
CA Santosh Mishra says that if you earn Rs 7 lakh annually, then you will not have to pay any tax and if you earn more than Rs 7 lakh or Rs 7.5 lakh annually in case of salary, then you will have to go according to the slab given in the new tax system. As soon as your income crosses Rs 7 lakh, you come under the tax slab.
In this, you will not have to pay any tax on the first three lakhs. But, after this, on three lakhs to six lakhs (taxable income three lakhs), you will have to pay Rs 15,000 at the rate of 5 percent tax. Whereas, on six to nine lakhs (taxable income three lakhs), you will have to pay Rs 30,000 at the rate of 10 percent tax.
This much will be the benefit
You will have to pay Rs 45000 as income tax and Rs 800 as 4% cess. In this way, you will have to pay Rs 45800 as tax on an income of 9 lakhs. That is, in the new tax system, if you earn 9 lakhs, you will save Rs 15000 in annual income tax. Because, till now, according to the new tax system, Rs 60000 has to be paid as income tax on an income of 9 lakhs.
Tax on annual income of Rs 12 lakhs
CA Abhinandan says that if someone earns Rs 12 lakhs annually, then like before, no tax will have to be paid on the first three lakhs. After this, Rs 15000 will have to be paid at the rate of 5% on the next three lakhs, Rs 30000 at the rate of 10% on the next three lakhs and Rs 45000 at the rate of 15% on the remaining three lakhs. In this way, you will have to pay Rs 90000 as income tax and Rs 3600 as 4% cess on the tax. In total you will have to pay Rs 93600.
Those earning 15 lakh rupees annually will pay this much tax
CA Ajay Bagadia told that those earning 15 lakh rupees annually fall in the fifth tax slab i.e. 12 to 15 lakh rupees. In this slab, 20 percent tax has to be paid, but you will not have to pay this 20 percent tax on your entire income. You will have to pay 20 percent tax only on what you have earned above 12 lakh rupees i.e. the three lakh rupees above and the initial tax slab will be applicable on the remaining money. You will have to pay income tax of 1 lakh 50 thousand rupees.
