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Which tax slab is better for 10 lakhs?
10 lakhs, here’s a sneak peek into the income tax slabs under the old and new tax regimes….Income Tax Slabs for individuals below 60 years – Old and New Tax Regimes.
| Income Tax Slab | ||
|---|---|---|
| New | Income | Old |
| NIL | Up to Rs. 5 lakhs | NIL |
| 10\% | Rs. 5 lakhs to Rs. 7.5 lakhs | 20\% |
| 15\% | Rs. 7.5 lakhs to Rs. 10 lakhs | 20\% |
Why high income tax rates are so unjust in India?
Income tax in India is insanely high, because of black money and corruption. Only 20-50 lakhs file income tax in 30\%+ range i.e. having income : 70,000 per month. Reality is 3 crore+ people having 50 lakhs+ flats/ property. So they surely fall in 30\% range.
What is 30 percent slab income tax?
Income tax slabs for Individual aged below 60 years & HUF
| Income Tax Slab | Individuals Below The Age Of 60 Years – Income Tax Slabs |
|---|---|
| Up to Rs 2.5 lakhs | NIL |
| Rs. 2.5 lakh -Rs. 5Lakhs | 5\% |
| Rs 5 .00 lakh – Rs 10 lakhs | 20\% |
| > Rs 10.00 lakh | 30\% |
Why should I pay income tax?
The Government also provides cooking gas at concessional rate or gives subsidy. Of course the major expenditure of Government has to be incurred on National Defence, Infrastructure Developments etc. Taxes are used by the government for carrying out various welfare schemes including employment programmes.
What is the tax on 30 lakhs?
Tax rate for individuals (below 60 years) and HUFs:
| Tax Slabs | Tax Rates |
|---|---|
| Income up to Rs.2.5 lakhs | NIL |
| Income between Rs.2.5 lakhs and Rs.5 lakhs | 10\% of amount exceeding Rs.2.5 lakhs |
| Income between Rs.5 lakhs to Rs.10 lakhs | 20\% of amount exceeding Rs.5 lakhs |
| Income above Rs.10 lakhs | 30\% of amount exceeding Rs.10 lakhs |
Is 30\% tax too high?
Those earning Rs 24 lakh a year pay a high tax because more than 50\% of their income is taxed at 30\%. They will gain immensely if the tax slabs are broadened. Taxpayers with an annual income of Rs 12 lakh are not so badly off, but their tax could be even lower if the Sec 80C limit is increased to Rs 2 lakh.
Why I should pay income tax?
Income Tax is undoubtedly the most important source of revenue for the Indian government. It is established as an inevitable imposition on the citizens in order to raise funds for fulfilling the development & defence needs of the country.
Are taxes really necessary?
The money you pay in taxes goes to many places. In addition to paying the salaries of government workers, your tax dollars also help to support common resources, such as police and firefighters. Tax money helps to ensure the roads you travel on are safe and well-maintained.