Income Tax Slabs For All Citizens

Everyone who comes under taxable income criteria has to pay a specific portion of their annual income as tax. This portion of income as tax is specified by the rules and norms made by the taxation act

There are many ways to pay the tax. One of those is to deduct the tax amount at the source when the distribution of monthly salary. The second is to pay the tax amount through any kind of online tax calculator tool. The provision for paying taxable income by every individual is also paid when income is generated from other sources. Pay the tax through an online portal within the tax-paying time limit and you can calculate your actual tax payment using an income tax calculator.

How to calculate total income tax liability?

An individual can find out how the amount of his or her income has to pay as tax by using a tax calculator. This online tax calculation tool uses many points to consider under tax liability of a non-resident or resident citizens when the financial year is about to end.

  1. Annual income from salary/profits.
  2. Income from other sources such as investments, rental income, etc.
  3. Tax exemptions applicable, if any.
  4. House rent and transport allowance.

There are many cases when an individual has paid the tax excess liability, the excess amount from the actual tax amount is reimbursed by the government when you file a case for the same. Check how much extra amount you have paid by tax refund estimate. If you are a TDS payee, then minus the TDS amount and pay the remaining amount directly online through any of the tax calculation tools.

Income Tax Slabs

Income Tax Slabsgive the total tax rate which has to be paid by an individual, based on his or her annual earnings from different sources combined. The tax calculator, is the tool which helps to calculate the tax amount payable by individuals for the financial year,different tax rates levied are given here –

For Hindu Undivided families (HUFs), NRIs, and individuals –

S. No.   Total annual earnings (Rs.)     Tax rate

1.                         0-2.5 lakh                        Nil

2.                         2.5 lakh – 5 lakh            5% of income exceeding Rs. 2.5 lakh

3.                         5 lakh – 10 lakh             20% of income exceeding Rs. 5 lakh + Rs. 12500

4.                         Above 10 lakh               30 % of income exceeding Rs. 10lakh + Rs. 112500

For Senior Citizens (above 60 years) –

S. No.   Total annual earnings (Rs.)     Tax rate

1.                         0-3 lakh                            Nil

2.                         3 lakh – 5 lakh               5% of income exceeding Rs. 3lakh

3.                         5 lakh – 10 lakh             20% of income exceeding Rs. 5 lakh + Rs. 10000

4.                         Above 10 lakh               30 % of income exceeding Rs. 10lakh + Rs. 110000

For Super Senior Citizens (above 80 years) –

S. No.   Total annual earnings (Rs.)     Tax rate

1.                         0-5 lakh                            Nil

2.                         5 lakh – 10 lakh             20% of income exceeding Rs. 5 lakh

3.                         Above 10 lakh               30 % of income exceeding Rs. 10 lakh + Rs. 100000

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