Mumbai: Income Tax (I-T) is a progressive tax mechanism, the more you produce the more you pay.
Understandably, very rich, has more taxable income than Rs.
5 Crore pays taxes at 42.74%, while those who have RS taxable income.
5 lakh or less falling in the ‘Nile’ tax bracket.
The last abbreviation for benefits due to a rebate mechanism, which was introduced by the 2019 Temporary Budget 5 Lakh is subject to the upper limit of the hospital.
12,500.
Thus, while the basic exception limit is RS.
2.5 lakh, with rebates, an individual with income until the hospital.
5 lakh does not have a tax burden.
In fact, if taxpayers take full benefits of Rs.
1.50 lakh is available as a deduction for various investments conducted during this year (such as public giving funds, payment of housing loans, LIC Premium, tax-saving mutual funds), gross income until RS.
6.50 lakh may not attract me at all.
In addition, if the taxpayer is paid, the standard deduction of the RS.
50,000 will ensure that gross income until the hospital.
7 lakh may not attract any tax.
(See Case 1).
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This is tax: payment tax on a long-term closing increase, even if your taxable income is under the hospital. 5 lakh
