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Income tax slabs, what are tax rates of New tax regime & Old tax regime

 Income tax slab in  India:

Income tax is paid in almost every country in the world. Every country has different income tax slabs. There are many people who do not file income and therefore file their income tax return with accountants by paying their service fee. But even after filing income tax many times, few people do not get the income Tax refund. As per official data, Income Tax Department has so far returned or refund nearly Rs 1.23 lacs crore to the taxpayers in the current financial year. As per the Income tax department official statement the refunded amount also includes refunds made to 75.75 lacs taxpayers under the assessment year 2021-22. Rs 15,998.31 crore.



In Today article we will discuss new income tax slabs, new income tax Rates & income tax related to some important questions first we have to understand the new announcement made by Indian government in the last union budget.

What is difference between Tax rates of new tax regime & Old tax regime?

The Finance Minister of India, Union Budget, 2020, taking a very big step, presented the new tax regime to the people. Let us tell you that two options have been given in the new tax regime, in which individuals & Hindu Undivided Family, come. Prior to this, the Old Tax Regime option was also running. Now what is the difference between Old Tax Regime & New Tax Regime? We also understand the rates of tax slabs of new tax regime & old tax regime. Pay taxes at lower rates without claiming deductions under various sections under the new tax regime option.

As per Income Tax Slabs & income tax Rates in 2020-2021:

Income tax slabs

Tax rates of new Regime

Tax rates of old Regime

0-2,50,000

Nil

Nil

2,50,001 –  5,00,000

5%

5%

5,00,001 -  7,50,000

12,500 plus 10%  total income exceeds 5,00,000

12,500 plus 20% total income exceeds 5,00,000

7,50,001-  10,00,000

37,500 plus 15% total income exceeds 7,50,000

62,500 plus 20% total income exceeds 7,50,000

10,00,001- 12,50,000

75,000 plus 20%  total  income exceeds 10,00,000

112500 plus  30%  total income exceeds  10,00,000

12,50,001- 15,00,000

125000 plus 25% total  income exceeds 12,50,000

187500 plus 30%  total income exceeds 12,50,000

15,00,001 & above

187500 plus 30% total  income exceeds  15,00,000

262500 plus  30%  total income exceeds 15,00,000

 

Please note that under the new tax regime slab tax rates are not different for different age groups but in Old tax regime tax for senior citizens having age is 60years to 80 years, there is income tax exempt or them. Also for Super seniors citizens having age is above 80years income tax threshold is 3lacs to 5 lacs.

Question:

How you can check income tax refund online?

Answer:

Step 1

Visit to website www.incometax.gov.in

Step 2

Use your PAN card number for user name and Password for Login

Step 3

Click on Option ‘ e-file’  then Click on “Income Tax Return” option (this option will come under drop down menu of “e-file”) & now select option ” View Filed Returns”

Step 4

Now you have to select latest ITR filed  of  FY20-21, the latest ITR filed ( we are assuming that a person  has  already filed it) will be for assessment year 2021-22.

Step 5

Fill the captcha code and in the last press  submit button & message of  refund will be displayed on your screen.

After following all steps red the message carefully on your screen which may be how in this format

Your message may on your status of Income Tax Refund. If Income Tax Refund is successfully credited to your bank account, this message will appear. It will show you the last four digits of the bank account, reference number & date of refund.

Question:

How to file complaint if a person does not get income tax refund into the bank account?

Answer:

First wait for few days to credit income tax refund into your bank account. We want to clear one thing that everyone get income tax refund if he/she is eligible to get  but in some cases if you do not get income tax refund then follow these options  & you can make a complaint.

Option 1

A person can write a letter & post this letter to the postal address: ( Please verify the address details on income tax website too)

 State Bank of India, Survey No. 21, Opp. Hyderabad Central University, Main Gate, Gachibowli, Hyderabad-5001.

Option 2

These days people use internet on their mobiles, laptops, desktop’s etc. It is best way to send your compliant on email id :  itro@sbi.co.in.

Please note that Make sure email address on State bank of official website.

Option 3

These days everyone is using mobile phone and quickest way to register your income tax refund complaint on telephonic call. State bank of India call center number is 18004259760. Please verify with state bank of India official website. Never share OTP or pin code of ATM with anyone.

Kindly file your income tax always on right time. If you cannot file income tax return online then you may take help from authorised charted accountant. First  Always ask for their service charges and never hide the source of your income from the accountant.

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