Income tax slabs have been made for this. At the same time, tax is collected according to the new tax regime and the old tax regime. However, now some people will also have to pay 30 per cent tax. Let’s know about it…

Tax slab

Individual taxpayers have to pay income tax on the basis of the slab system in which they fall. Individuals may fall in a different tax bracket on the basis of their income. As a result, higher income earners will have to pay more tax. The slab system has been implemented to keep the country’s tax system uniform.

Old tax system, whereas at present, for the financial year 2022-23, if someone files income tax under the old tax system and his age is less than 60 years, then he will have to file tax as mentioned below. According to this system, if someone files tax, then he will have to pay more than 30% tax on annual income of more than Rs 10 lakh.

Rs 2.5 lakh per annum income – No tax
Rs 2.5-5 lakh per annum income – 5 per cent tax
Rs 5-10 lakh per annum income – 20 per cent tax
Income above Rs 10 lakh per annum – 30 per cent income tax

In the new tax system , the income tax slabs are different in the new tax system. If someone files income tax return according to the new tax regime, then he will have to pay tax on different incomes according to different slabs. In such a situation, if someone’s income is more than Rs 15 lakh under this system, then they will have to pay 30 percent tax.

Rs 3 lakh annual income – No tax
Rs 3-6 lakh annual income – 5% tax
Rs 6-9 lakh annual income – 10% tax
Rs 9-12 lakh annual income – 15% tax
Rs 12-15 lakh annual income – 20% tax
Income above Rs 15 lakh per annum – 30% tax

The post Income Tax: Big news! Government has decided, these people will have to pay huge income tax of 30% first appeared on Rightsofemployees.com.

If you are also an employee, then there can be a bumper increase in your salary. There is going to be a big increase in your income in the year 2023. Let us tell you that these days there is talk of implementing the old pension scheme across the country. Let us tell you that under which plan the government is going to increase the salary and pension.

Let us tell you that in the midst of the demand for the restoration of the old pension, the government is planning to increase the minimum salary limit of the employees. In the year 2023, a big lottery for the employees is going to be held. It is believed that the government will directly increase the minimum salary from Rs 15,000 to Rs 21,000.

PF contribution will increase

Let us tell you that after increasing the minimum salary limit of the employees, there will be a bumper increase in the pension. Before this, last time in the year 2014, the government had increased this limit. At present, in the new year, the government is planning to increase the salary once again. With the increase in salary, the contribution to PF will also increase and at the same time the pension will also increase.

How much will the contribution of PF increase

Talking about the contribution of Provident Fund, the minimum salary is calculated at Rs 15,000, due to which only a maximum of Rs 1250 can be contributed to the EPS account. If the government increases the salary limit, then the contribution will also increase. After the increase in salary, the monthly contribution will be Rs 1749 (8.33% of Rs 21,000).

The post Pension and Salary Rules: Pension and salary will increase on this day, the government has decided! first appeared on Rightsofemployees.com.