Indian Economy

General Studies (MTS)

Title

45:30

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Indian Economy - Understanding the basics of Indian economic system

What is the rate of income tax (new regime) payable for financial year 2021-2022, by an individual who is under 60 years of

age, and has a net income of less than Rs 5 lakhs but more than Rs 2.5 lakhs?

This questions was previously asked in

SSC MTS 25th July 2022 Shift-2

10%

20%

2.5%

- For the financial year 2021-2022, the new income tax regime applies to individuals.

- For individuals under 60 years with a net income between Rs 2.5 lakhs and Rs 5 lakhs, under the new regime:

- Income up to Rs 2.5 lakhs is exempt from tax.

- Income above Rs 2.5 lakhs and up to Rs 5 lakhs is taxed at 5%.

- Option 1: 10% is not applicable for this income bracket.

- Option 2: 20% is also not applicable.

- Option 3: 2.5% is incorrect as it does not apply to any slab directly.

- Option 4: 5% is the correct rate for the specified income range.