Every year Finance Minister presents the budget. While watching the presentation of the Budget on TV, you will hear about new words like inflation, fiscal deficit, capital expenditure, revenue receipts, surplus budget etc. For a common man, it’s difficult to understand these complex words. However, making the task easier for the common investor is this explainer by Zee Business Managing Editor Anil Singhvi! Here he explains the term Income tax slab.
#Budget2020ZEE | क्या है इनकम टैक्स स्लैब? समझिए 1 मिनट में अनिल सिंघवी से…
— Zee Business (@ZeeBusiness) January 24, 2020
If you are worried about anything in the Budget, and are expecting a lot on this issue, then it is related to Income tax. Why? Because you don’t want to get it to be hiked, right? If we observe, over the last few years, we can see that the government is slashing income tax that you pay gradually by increasing Income tax slabs.
If we talk about the current Income tax slabs, Individuals earning annual income of Rs 2.5 lakh have to pay tax. For senior citizens (60 years to 80 years), the limit is Rs 3 lakh and those who are above 80 years it is Rs 5 lakh. This division is what is called an income tax slab. There is a possibility that government may increase the slab in order to provide some relaxation. So, Its important for you to keep a track on Income tax slab because budget is all about your pocket.