Question
Download Solution PDFThe highest rate of Income Tax Return (ITR) that an individual can pay is _____ of their income plus cess at 4% if their income is more than Rs.10 lakh per year.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 30%.
Key Points
- The highest rate of Income Tax Return (ITR) that an individual can pay is 30% of their income plus cess at 4% if their income is more than Rs.10 lakh per year.
- Income tax is a tax charged on the annual income earned by means of a person.
- The Government of India collects income tax in the form of Direct tax and Indirect tax.
- Income tax for FY 2022-23 applies to all residents whose annual income is more than Rs.2.5 lakh per year.
- The total amount of tax paid will depend upon how a whole lot money you earn as profits over an economic year.
- Individuals can actually continue with Income tax, TDS/TCS charges, and Non-TDS/TCS bills and online payments. All taxpayers have to fill in the relevant information to make these payments.
- Article 265 of the Indian constitution deals with No tax shall be levied or collected except by authority of law.
Last updated on Jul 15, 2025
-> SIDBI Grade A and SIDBI Grade B Notification 2025 has been released on 13th July 2025.
-> According to the notice, online applications can be submitted from 14 July to 11 August 2025.
-> A total number of 76 Vacancies have been announced for the post of officers in Grade ‘A’ and Grade ‘B’ (General and Specialist Stream) in Small Industries Development Bank of India (SIDBI).
-> The recruitment process will involve Phase 1, Phase 2, and a personal interview round.
-> Candidates can refer to SIDBI Grade A & B Syllabus and SIDBI Salary 2025.
-> Candidates can prepare for the exam with SIDBI Assistant Manager Previous Year Papers.