We are always speaking
about government. Our government is not doing any welfare works. Not doing any
new projects etc.. But many people don’t know for these projects funds coming
from where? Till the age of 20 I don’t have any idea what was income tax and
why people are afraid of it. When I came to know about the exact thing I realized
yes! as a citizen we have to do our duty for paying Income tax to move our country
to the way of development. The amount which is collecting from Income Tax is
used for the development projects.
“I’m taking the #TaxPledge to file IT returns with the easy Income Tax efiling option from H&R Block at BlogAdda.”
If we are not paying
the Income Tax then really we don’t have the right to speak about our government.
Now there are some set
of rules and regulations for Income Tax. Who can pay the Tax? If you are doing
the Investment then how to get profit by filing IT returns.
If you are a citizen of
India and you are an employee who is annual income is more than 2.5 lac then it
is your duty to pay the tax.
For
Male below 60 years of age
Income Tax
Slab
|
Income Tax Rate
|
Income
below 250000
|
Nill
|
Income
from 2.5 lac to 5 lac
|
10%
of the amount which exceeds after 2.5lac
|
Income
from 5 lac to 10 lac
|
20%
of the amount which exceeds after 5lac
|
Income
above 10 lac
|
30%
of the amount which exceeds after 10lac
|
For
Female below 60 years of age
Income Tax
Slab
|
Income Tax Rate
|
Income
below 250000
|
Nill
|
Income
from 2.5 lac to 5 lac
|
10%
of the amount which exceeds after 2.5lac
|
Income
from 5 lac to 10 lac
|
20%
of the amount which exceeds after 5lac
|
Income
above 10 lac
|
30%
of the amount which exceeds after 10lac
|
For
Senior citizen above 60 years of age
Income Tax
Slab
|
Income Tax Rate
|
Income
below 300000
|
Nill
|
Income
from 2.5 lac to 5 lac
|
10%
of the amount which exceeds after 2.5lac
|
Income
from 5 lac to 10 lac
|
20%
of the amount which exceeds after 5lac
|
Income
above 10 lac
|
30%
of the amount which exceeds after 10lac
|
For Senior citizen above
80 years of age
Income Tax
Slab
|
Income Tax Rate
|
Income
below 500000
|
Nill
|
Income
from 5 lac to 10 lac
|
20%
of the amount which exceeds after 5lac
|
Income
above 10 lac
|
30%
of the amount which exceeds after 10lac
|
If you are investing
the income in Life Insurance or purchasing land building or you are giving
donation then there is no Income Tax for that amount. You can file the IT
Return and Tax department will return the amount. For this proper details
should be required.
Pay the tax and be an Indian.
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