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What is the revised Income Tax Rate for a 24 years old individual with annual salary of Rs.6 LPA?

Asked 2018-08-24 12:38:40 by Anonymous

Answered by NewsBytes

The revised tax rate for a 24-years old individual with annual salary of Rs.6LPA is 20%. This slab is for individuals below 60 years with an annual income between Rs.5LPA- Rs.10LPA.

I am 65 years old. How much tax rate is applicable to me if my income is Rs.6.5 LPA?

Asked 2018-08-24 12:29:03 by Anonymous

Answered by NewsBytes

The tax rate applicable to you is 20%. This rate is applicable for all those between the age of 60-80 years and whose annual income is between Rs.5LPA- Rs.10 LPA.

What are the tax rates applicable to individuals below 60 years?

Asked 2018-08-24 12:27:08 by Anonymous

Answered by NewsBytes

The tax rates that are applicable to individuals below 60 years are (1)Income up to Rs. 2.5 lakh: No tax, (2)Income from Rs. 2.5 lakh-5 lakh: 5%, (3)Income from Rs. 5 lakh-10 lakh: 20%, (4)Income above Rs. 10 lakh: 30%, (5)Surcharge: 10% of income tax if income is between Rs. 50L-1cr; 15% of income tax if income exceeds Rs. 1cr, and (6)Cess: 3% on total of income tax + surcharge.

What are the different slabs of Total Income authorised by Income Tax Department of India?

Asked 2018-08-24 12:25:03 by Anonymous

Answered by NewsBytes

The different slabs of total income authorized by the Income Tax Department are (1)Income from Salary: Includes both salary and pension income, (2)Income from Business/Profession, (3)Income from House Property: Accounts mostly for rental income, (4)Income from Capital Gains: Earnings from the sale of capital assets such as house property, mutual funds, etc, and (5)Income from Other Sources.

How to conform the tax payment online?

Asked 2018-08-24 12:17:26 by VILAS WAGHMARE

Answered by NewsBytes

After you make the payment online, you will receive a receipt and also a notification regarding the transaction. That notification is the confirmation message.

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