Income tax new slab count: The Union Budget presented by the central government is being described as a historic budget which will give great relief to the middle class. Rupee. Income up to 12 lakhs, in which Rs. The salaried employees who earn 1.5 million are also included. Zero tax on income up to Rs 12.75 lakh will have to be paid. But as soon as Rs. If their income is Rs 12.76, then there is increasing confusion and anxiety about whether they will be counted in 15 percent slab. Here we will tell you through an easy calculation how much tax you have to pay…
Tax on income of 12.76 lakhs in new tax slab
The new tax slab is Rs 1500. Income of Rs 12 lakh and Rs. Due to the standard deduction of Rs 75000. There is no tax on income of Rs 12.75 lakh. But if income is Rs. Tax will have to be paid in 15 percent slab on income up to Rs 12.76 lakh. Accordingly, Rs 62556 will have to be paid as tax. But due to marginal relief, taxable income is Rs. Rupee. 1000. Only 1000 rupees will have to be paid.
What is marginal relief?
The government has introduced a slight relief to reduce the burden of high taxes imposed due to a slight increase in tax-free income. In which taxpayers have to pay equal amount income tax for a slight increase in taxable income. However, it provides the benefit of marginal relief to limited income. This means 100 rupees. Income 12.76 lakhs Only 1000 rupees will have to be paid. According to new changes, after tax-free income Rs. Equal tax will have to be paid at an increase of up to Rs 60,000. After this, tax will be applied according to the slab rate.
Understand this with an example.
If income Rs. Increased from 12.75 lakhs to Rs. If it has gone up to Rs 12.76 lakh, then it will be Rs 12.76 lakh due to slight relief on this 1000 rupees. Only 1000 rupees will have to be paid. If income Rs. If it is Rs 13 lakh, then Rs. 25000, 13.25 lakhs, then tax -free income on it. Increasing income after 12.75 50 thousand rupees Tax will have to be paid only up to Rs 50,000.
Liquority in the market will increase.
There will be a loss of Rs 10 lakh crore annually due to major changes in income tax. This will increase the burden of 1 lakh crores. But saving so much amount in the middle class pocket is expected to increase by 10 percent in consumption. This will increase liquidity in the system.
