Income tax plates under the new regime, deadline for filing returns. Read details
Individual taxpayers, who have no business income, must file their income tax return (ITR) before July 31, 2022.
Anyone whose annual income is above the exemption ceiling must pay the tax. Income tax (IR) is levied on a slab basis, which means that rates vary according to income levels. The tax rate changes as income increases.
Computer tiles are different for taxpayers depending on their annual income. According to tax standards, individual taxpayers are divided into three categories.
* Individuals under 60 (residents and non-residents)
* Resident seniors (in the 60-80 age bracket)
* Senior Residents (over 80)
Taxpayers in the senior and super senior categories get certain benefits, depending on their age bracket.
For the filing of their ITRs for fiscal year 2021-2022 (FY22) and tax year 2022-2023 (AY23), taxpayers can choose between the old and the new tax regime.
The new scheme offers lower tax rates, especially for salaried persons with taxable income below Rs 15 lakh per year, but with limited deductions and exemptions.
Income tax plates for fiscal year 2021-22 and tax year 2022-23The old regime remains the same with the levies.