There are only a few days left for the budget of 2023 and the whole country is waiting for the budget that something special will happen for them this time. Many changes are expected in the budget regarding tax.
Budget 2023 is to be presented in a few days. This is the last full budget from the Modi government before the 2024 Lok Sabha elections. At the same time, there are possibilities of making many announcements by the Modi government in this budget. Along with this, middle-class people are also expected to get tax exemptions in this budget. However, before the budget, we are going to tell you under which slab at present income tax is paid.
Income Tax
At present, income tax is paid in India under two tax systems. The name of one is Old Tax Regime and the name of the other is New Tax Regime. In both these systems, tax is collected according to different slabs. If we talk about the financial year 2022-23, then in this financial year, 5% to 30% tax is collected on different incomes. At the same time, there is an important thing about the 10 percent tax which people should know.
Income tax slab
If a person files tax according to the New Tax Regime and his income is between Rs 5 lakh to Rs 7.5 lakh annually, then he will have to pay 10% tax, but this is not the case in the Old Tax Regime. There is no provision for a 10% tax in the old tax regime.
Tax slab
If a person files tax according to Old Tax Regime, then there is no 10% tax slab in it. In the financial year 2022-23, if an individual whose age is less than 60 years files tax, then he will have to pay 5% tax on annual income between Rs 2.5 lakh to Rs 5 lakh. At the same time, he will have to pay 20% tax on income between Rs 5 lakh and Rs 10 lakh annually.
