ITR Login: Good news! These people will not have to pay a single rupee of tax, a wave of happiness among the people

Income Tax Return: The last date for filing income tax returns is approaching. People can file their income tax returns till 31 July 2023. A penalty of Rs 5,000 can also be imposed on anyone who files an income tax return after this. However, it is not necessary that all people have to pay income tax. Some people have also got exemption from it.

Income Tax: Actually, income tax returns are filed through two tax systems in India. One is the new tax system and the other is the old tax system. Both tax systems have their distinct advantages. Also, the tax slabs applicable in these tax regimes are also different. In such a case, whenever you file ITR, be fully informed about which of the two options to choose. On the other hand if ITR is being filed then some people will not have to pay income tax. Let us know about the situations when people do not have to pay tax.

According to the old tax system
People below the age of 60 will not have to pay any tax up to an annual income of Rs 2.5 lakh.
Annual income between Rs 2.5 lakh and Rs 5 lakh is taxed at 5 per cent, but this tax is avoided by getting a 5 per cent exemption.
– No tax will be levied on annual income of Rs 3 lakh for people above 60 years but below 80 years.
– No tax will be levied on annual income up to Rs 5 lakh for people above 80 years of age.

According to the new tax system
– There is no tax to pay up to an annual income of Rs.3 lakh.
Exemption up to Rs 7 lakh per annum is given. Tax is saved in this case.

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