BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Individual taxpayers having taxable annual income up to Rs____will not be required to pay any income tax.
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Rs.5 lakhs
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Rs.3 lakhs
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Rs.7 lakhs
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Rs.4 lakhs
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Explanation:
Detailed explanation-1: -Post Budget 2023, salaried individuals and pensioners pay no tax on income upto Rs 7.5 lakh under the new tax regime. Budget 2023 proposes to increase rebate under Section 87A in such a way that taxpayers who earlier had to pay zero income on income up to Rs 5 lakh will now pay zero tax for income up to Rs 7 lakh.
Detailed explanation-2: -Calculate your gross total income and reduce deductions under Section 80C to 80U. If the same is below Rs 5 lakh, you are eligible for a tax rebate, i.e. full tax up to Rs 12500 will be deducted as per section 87A. If taxable income is more than Rs 5 lakh, then no rebate can be claimed.
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