Income Tax is the amount of money you pay as tax depending on the tax slab you fall under in accordance with your income.
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New Delhi: Union Finance Minister Arun Jaitley is set to present the 2018 Union Budget on Thursday i.e. February 1. Speculations are rife that the government may change income tax slabs and bring down tax rates for individuals earning less than Rs 5 lakh annually.
Income Tax is the amount of money you pay as tax depending on the tax slab you fall under in accordance with your income. At present, there are three slabs — 5 percent income tax for individuals with annual income between Rs 2.5 lakh and Rs 5 lakh, 20 percent on annual income from Rs 5 lakh to Rs 10 lakh, and 30 percent on income above Rs 10 lakh. Individuals earning below Rs 2.5 lakh do not have to pay any income tax.
You can use News18’s tax calculator to know your tax slab and how much income tax you would have to pay:
| Edited by: Aditya Nair
Source: News18