ITR Filling Update- Now you have two options to file ITR given by ITR department
Updated: Jan 27, 2022
Now its your choice to file your ITR, You have two options to file your Income Tax Return.
The choice is between old system and new system. Th old system is giving benefits for a specific age group and according to new system of filling the there is no specific age group benefits.
The old system is No tax for 2.5 lakh income group, and 5 % tax for 2.5 lakh to 5 lakh income group, 20% tax for 5lakh to 10 lakh income group and 30 % above 10 lakh income group. where as this slab is applicable for people below 60 age group. According to this system age belonging 60 to 80 years people have to pax zero tax for 3 lakh income and people above age of 80 years needs to pay tax above 5 lakh income, till then no tax is applicable.
Now according to New system, No tax till 2.5 lakh, 10 % tax for 2.5 lakh above till 5 lakh, 15 % tax above 5 lakh till 10 lakh income group, 20% tax for 10 lakh to 12.5 lakh income group,25 % tax for 12.5 lakh to 15 lakh income group and 30 % above 15 lakh income group and there is no age specific benefits.
Now this is your choice which one is beneficial for you.