Multiple Choice Questions

What is the rate of income tax new regime payable for financial year 2021 2022 by an individual who ...........

General Studies (MTS) Indian Economy

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.

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