If your income is 12L, You pay 0 for the first 4L. From 4L - 8L i.e. next 4L, you pay 5% = 20,000. From 8L - 12 i.e. another 4L, you pay 10% = 40,000. Total Tax Payable= 60,000. Standard Deduction -75,000. So NO TAX FOR INCOME UP TO 12L. Get it?
Greetings everyone!
Let's learn about our tax system!
The Indian tax system is divided into two categories: Direct (income tax) and Indirect (GST)it's an unfair tax tbh.
It's because everyone pays the same tax regardless of their income. For example
New Tax slab:
0-4L-0%
4-8L-5%
8-12L-10%
12-16L-15%
16-20L-20%
20-24L-25%
24L+30%
People with income up to 12L will pay 0% income tax.
2 replies4 likes
Sameer Patel
Work and keep learni...Ā ā¢Ā 1y
Financial knowledge
Indian Tax slabs
Income tax slabs categorize taxpayers based on their annual income, determining the applicable tax rates. Here's a breakdown:
1. Nil Tax: Annual income up to ā¹2.5 lakh for individuals below 60 years.
2. 5% Tax: I
š§¾ TDS, Advance Tax & Refund ā Simple Summary
TDS (Tax Deducted at Source) is tax cut before you receive your income (like salary, interest, freelance payments). Itās paid to the government by the one who pays you.
Advance Tax is tax you must pay i
There is no income tax upto Rs. 12 lakhs of income.
Great news.
Now I just have to figure out how to earn an income of Rs. 12 Lakhs!
6 replies3 likes
Tarun Suthar
Ā ā¢Ā
The Institute of Chartered Accountants of IndiaĀ ā¢Ā 4m
You still have to pay taxes if your income is below 12Lakhs.š
Letās talk about a crucial detail in the recent Indian Union Budget that many people are overlooking. If youāre already aware, great! But if not, this is essential to knowāotherwise, you
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K
PhĀ ā¢Ā 1y
Income Tax Return Filing
When tax liability rises due to the receipt of arrears or additional payments, it typically happens because these amounts are added to the individualās total income for the current financial year. This increase in incom
