Ask NewsBytes
Anonymous

Anonymous

Asked on 24 August, 2018

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

NewsBytes

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.

Anonymous

Anonymous

Asked on 24 August, 2018

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

NewsBytes

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.

Anonymous

Anonymous

Asked on 24 August, 2018

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

NewsBytes

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.

Anonymous

Anonymous

Asked on 24 August, 2018

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

NewsBytes

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.

VILAS WAGHMARE

VILAS WAGHMARE

Asked on 24 August, 2018

How to conform the tax payment online?

NewsBytes

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.

Related Topics