Income Tax Filing: People in India also have to pay tax on their income. Tax on income is filed through income tax return. With this people also disclose their income.
At the same time, income tax return is filed according to different income. However, now you have to keep in mind that even 30 percent income tax of some people is going to be deducted. The last date for income tax return filing to disclose the income earned in the financial year 2022-23 is 31 July 2023.
Income tax return
Actually, there are two systems for filing income tax return in India. One of these is the New Tax Regime and the other is the Old Tax Regime. People get to see different tax slabs and different benefits in both the tax systems. At the same time, a maximum tax of 30 percent is also paid in both these tax slabs. Also, if someone files income tax return after the due date, then penalty can also be imposed on him.
Presenting the New Tax Regime Budget 2023, Finance Minister Nirmala Sitharaman made several important announcements under the New Tax Regime. During this, he had said that in the financial year 2023-24, if a taxpayer chooses to file tax according to the new tax regime, then he may have to pay a maximum of 30 percent tax. Under the new tax regime, if a person’s annual income is more than Rs 15 lakh, then he will have to pay 30 percent income tax.
Old Tax Regime
On the other hand, in the financial year 2023-24, if a person files ITR under the old tax regime, then he may also have to pay a maximum of 30 percent tax. Under the old tax regime, if a person’s income is more than Rs 10 lakh on filing income tax return, then he may have to pay 30% tax.