Procedure to file ITR and percentage of tax deduction from income
17-Jun-2023 (In Tax Law)
If a person is not paying his/her income yet means he hasn’t started filing itr and having income around 2.5 lacs. Now if he/she started paying from this year, how he/she will show his/her income? And how much tax will be deducted on that earlier incomes?
Income Tax is payable on yearly basis. The Income Tax for an Individual for the Assessment Year 2018-19 (which is Previous Year 2017-18) will be calculated on the income earned by such individual from 1st April, 2017 to 31st March 2018 after accounting for all the available deductions such as LIC premium payments, etc. The amount of tax for individuals is calculated as per the slab rates provided for in the Finance Act of that relevant Assessment Year.
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