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  • Breaking News

    New Income Tax Slab

    Hello World, 

    Find below the table for new income tax slab for an individual for accounting year 2020-21:-

    New Income Tax Slab for Individual (New Regime)
    Income Tax Slab
    Tax Rate
    Cess
    Up to Rs.2.5 lakh
    Nil
    Nil
    From Rs.2,50,001 to Rs.5,00,000
    5% of the total income
    4%
    From Rs.5,00,001 to Rs.7,50,000
    10% of the total income
    4%
    From Rs.7,50,001 to Rs.10,00,000
    15% of the total income
    4%
    From Rs.10,00,001 to Rs.12,50,000
    20% of the total income
    4%
    From Rs.12,50,001 to Rs.15,00,000
    25% of the total income
    4%
    Income above Rs.15,00,001
    30% of the total income
    4%


    Do I need to file Income Tax Return (ITR) if my annual income is below Rs.2.5 lakh?

    Answer: It's not mandatory, however for the record purpose you can file ITR. For this, you can follow the link https://www.incometaxindiaefiling.gov.in/home

    Classification of Different types of income: -
    Salaries individuals, Capital gains, Gains/Profits from profession or business, Income from house property, Income from other sources.
    You should know that agriculture income is non-taxable.
    The family pension income can be taken under Income from Other Sources.

    TDS Full Form is Tax is Deducted at Source.  According to the Income Tax Act 1961, a specific amount is reduced when a certain payment like salary, commission, rent, interest, professional fees, etc. is made.

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