Income Tax Slab for FY 2021 or AY 2021-22 In Hindi [calculator, New Tax, exemption] Income Tax Slab 2021 – Which one to choose and which one has more benefit
Today the Government of India has presented its budget for 2020-21, this budget was presented by Finance Minister Nirmala Sitharaman on Saturday, February 1, 2020.
The economic condition of the country is going very bad. In this way, many types of speculations were being made by the people that this time the Modi government will present its budget by doing something new. But no one was able to make any guesses because in the last years they had announced big schemes for the farmers. Along with this, big health related schemes and many types of insurance schemes have also been started by the government. For the development of women and daughters, the government had started various schemes, whose implementation is still going on. After this, this year only the business class had some hope from the government because the country has lagged far behind in business. Many schemes are going to be started this year to facilitate business so that business can start in a very easy way.
- 1 For the time being, in this article of ours, we will tell you in detail about the changes in income tax –
- 1.1 In the table given below, we will know about the changes in income tax of last year and this year in statistics.
- 1.2 What are the biggest changes of the new tax system
- 1.3 What are the conditions to join the scheme?
- 1.4 What type of deduction/exemption will not be allowed?
- 1.5 How to opt for the new plan option? Does the option have to be exercised every year? Can one exit the scheme and pay tax at regular rates?
- 1.6 Scheme for taxpayers having business income :-
- 1.7 Scheme for Non-Coming Taxpayers:-
- 1.8 What can be the claim / exemption under the scheme?
- 1.9 Share this:
For the time being, in this article of ours, we will tell you in detail about the changes in income tax –
This year the Modi government has announced 0% tax on income up to Rs 500000 in income tax. Till last year this figure was up to 2.5 lakhs which has been increased to 500000 i.e. those who earn up to 500000 annually, they will not have to file income tax, they are mandatory to file income tax.
To know what is indirect tax and its types, advantages and disadvantages read here
In the table given below, we will know about the changes in income tax of last year and this year in statistics.
|income||Before (Old System)||Now (New System)|
|5 to 7.5 lakhs||20%||10 %|
|7.5 to 10 lakh||20%||15%|
|10 to 12.5 lakh||30%||20%|
|12.5 lakh to 15 lakh||30%||25%|
|above 15 lakhs||30%||25%|
What are the biggest changes of the new tax system
Many changes have been made in the new tax system. Tax has been reduced significantly in many places from the old tax system, this is a big change in income tax, but along with this, the government has also decided that the exemption in income tax is available. [जो कि लोगों को उनके द्वारा लिए गए लोन, कई तरह की एलआईसी, कई तरह की हेल्थ पॉलिसीज आदि पर मिलती है] They will no longer get tax exemption.
What are the conditions to join the scheme?
In order to be included in the plan of Budget 2020, it is necessary for you to fulfill some necessary conditions which are as follows:-
- Income tax will not be exempted for any type of income calculation.
- If you have lost any kind of income, then you yourself will be responsible for it and not the government.
- No exemption will be given for any kind of monthly allowance or salary benefits.
- Deduction of interest incurred by you on property will also not be allowed.
To know how to save income tax Click here
What type of deduction/exemption will not be allowed?
The public will no longer be entitled to the following concessions in the Budget 2020:-
- There will be no concession in any kind of taxes on taking leave in 2020.
- You will be unable to levy other taxes on any kind of outstation rent allowance.
- You will not be given allowances in respect of human deduction for entertainment by the public.
- In the year 2020-21, no family pension will be given under this scheme.
- Apart from this, 80C, 80D, 800CD will also be deducted.
How to opt for the new plan option? Does the option have to be exercised every year? Can one exit the scheme and pay tax at regular rates?
In such a situation, the taxpayers for the meeting 2020 have been divided into two different parts, in which the first taxpayers with business income and taxpayers without income.
Scheme for taxpayers having business income :-
Extra option can be exercised while filing return of income for income taxpayers. Further, the tax rates will be applicable every year as per the extra option exercised at the time of filing the return. Simultaneously, the tax collected by the taxpayers will have to be filed by the due date and will have to be filed from the new date and ITR will have to be filed at the normal rate.
To Know How To Fill Online Advance Tax Challan By Form 280 Click here
Scheme for Non-Coming Taxpayers:-
No extra option will be given for non-incoming taxpayers. The loan taken will have to be returned within the stipulated time. If in any year you have not come, then in that year you cannot take advantage of this scheme. You can select the Extra option which will be given to you only once.
What can be the claim / exemption under the scheme?
The exemptions given under the budget 2020 new schemes are as follows:-
- The contribution of the appointee in the account of the employee in the notified pension scheme under sub-sections of the new section 80CCD should be mandatory.
- A separate cost allowance will be given for any type of transfer journey.
- A separate daily allowance will be given by the Government to meet the charges incurred by the employee at the place of duty.
- In case of death as a partner, assistance up to ₹ 200000 will be given and family pension will also be given.
- Under the house property dealer, 30% of the rental income will be standard dedicated and apart from that, separate financial assistance will be given.
- The pension will be deputation which will be applicable from the year 2020-21.
The good news for all the people is that the government has not yet implemented the new tax system on everyone. The decision which has to be taken is in the hands of the public, if they want, they can pay tax only under the old tax system. If you want, you can also adopt the new tax system.
Read here to know how to fill online income tax return
The government has taken this decision only so that people had to file their tax only through the help of CA, which used to be a very difficult process, now the person himself can fill his tax according to the simple steps, that is why the new tax system has been started. being done .
It is very difficult to say whether people will get benefit through this new tax system or not, only after some time this matter can be discussed openly.
But will this tax system end the feeling of saving among the people, because people used to take many types of policies for tax exemption only, they used to make many types of investments, will this new tax system make any difference to them? Will it? Will this tax system demotivate people? If you want to know about this in detail, then subscribe to our page and get updated information on time.
Read other –
- Who is Sharjeel Imam
- Easy Ways to Get Babies to Sleep Early at Night
- Know the history of Indian currency
- What is Coronavirus