Know your income tax: What will be your tax liability at RS 7.50 Lakh, Rs 15 Lakh, Rs 22.5 Lakh or Rs 30 Lakh?
Market Tax Mathematics of the New Tax: The new tax government will start working on April 1, 2025.
The new system will apply in the financial year 2025-26.
In the current financial year (2024-25), taxpayers may include their return as an old tax government and the new tax return available.
ITR filling may start in June.
Although the existing tax government is a default newspaper new taxpayers, they can no longer switch to any regime between the elders and the young.
But with any of the following tax government or in the following financial year, do you know your annual income tax credit for Rs 7.50 Lakh, Rs 22 Lakh, Rs 37.5 Lakh?
Let’s read article to know!
New Restruction of New Tax
In the existing tax state, the tax starts from Rs 3 Lakh income slab.
After a tax rebate of Rs 25,000 under Section 87a, the amount of Rs 7 Lakh are free from residents.
The general deductions of Rs 75,000 applies to good workers, increasing their tax limit for the same amount.
Taxpayers need a 15 percent tax revenue tax, 20 percent of Rs 12 lakh-rs 15 income, while Tax Slab receives 30 percent.
The State of Old Tax
Most taxpayers have transformed from the new tax government, but many are still following the old State.
The State provides tax revenues up to Rs 5,00,000 after the tax deduction to RS 12,500.
There are 20 percent taxes on the income of above RS 5,00,000, and 30 Pet Cent Cable Slab begins from RS 10,00,000 income.
Attractive the old tax government is a tax benefits as those under section 80C of the Income Tax Act, 1961.
New Tax Kingdom
Finance Minister Ninmala Sitharaman announced a change in the new budget for a budget 2025, to make RS 12,00,000 free from unpaids.
The largest tax rebate is increased from Rs 25,000 to Rs 60,000.
High-quality people receive normal deductions of Rs 75,000, so the amount he receives until RS 12,75,000 will be taxable.
The State will provide freedom from the past to taxpayers who have taxable income. In such a case, their taxes will not be more than mounting income.
Case tax statistics
We will calculate the tax payments for taxpayers in Salaried-Class earning Rs 7.50 Lakh, rs 13 Lakh, rs 30 Lakh, and Rs 37,5 Lakh a year.
We will not take any deductions to our calculations and will use the discount, normal reduction, and greater mathematical relief.
RS 7.50 lakh income
New regime of new tax- 0
The State of the Old Tax- Rs 54,600
New Performance Tax Power- 0
Rs of Rs 13 Lakh Facench
New regime of new tax- Rs 88,400
The State of the Old Tax- Rs 1,95,000
New Performance Tax Power- Rs 26,000
RS 15 Lakh Facench
New regime of new tax- Rs 1,30,000
The State of the Old Tax- Rs 2,57,400
New Performance Tax Power- Rs 97,500
Income taxes in Rs 22.5 salary lakh
New regime of new tax- Rs 3,56,200
The State of the Old Tax- Rs 4,91,400
New Performance Tax Power- Rs 2,53,500
Rs Rs 30 Lakh Facench
New regime of new tax- Rs 5,90,200
The State of the Old Tax- Rs 7,25,400
New Performance Tax Power- Rs 4,75,800
Rs 37.50 Lakh Facench
New regime of new tax- Rs 8,24,200
The State of the Old Tax- Rs 9,59,400
New Performance Tax Power- Rs 7,09,800
