When you earn money you pay income tax.
The amount you pay depends on how much you earn that year.
You pay:
0% on the first £12500
20% on the next £37500
40% on the next £112500 you earn
One year, kim paid £9260 income tax.
Work out how much she earned that year.
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Answers
Answer:
The Union Budget 2021 has not provided any income tax relief to tax payers. The finance minister Nirmala Sitharaman made no changes in income tax slabs or rates have been proposed. Nor did she give any additional tax exemptions or deductions. With no change in the basic exemption limit, income tax slabs and tax rates, an individual tax payer will continue to pay the tax at the same rates applicable in FY 2020-21.
Effective from April 1, 2020, a salaried individual has to choose between the new and old income tax regimes. Budget 2020 introduced a new income tax regime with reduced tax rates for those willing to forego 70 tax-exemptions and deductions under it.
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