How is income tax calculated for employees without PAN in new budget?

Created by Product Content Team, Modified on Wed, 13 Mar at 5:21 PM by Product Content Team


The Income Tax calculation for the employees without PAN is similar to the previous budget. This calculation is also the same for old and new regimes. If the income of employees falls under the tax rate of 20%, then the employees will be charged 20% tax irrespective of the tax rates. The tax is deducted according to the actual tax calculation for the employees falling under the tax rate higher than 20%.


The tax rate for employees without PAN is 20% which is calculated as a penalty.

Old Regime (with deductions and exemptions)Total IncomeNew tax regime (without exemptions and deductions)
NilUpto 2.5 lakhNIL
5%From 2,50,001 to 5,00,0005%
20%

From 5,00,001 to 7,50,000

From 7,50,001 to 10,00,000

10%

15%

30%

From 10,00,001 to 12,50,000

From 12,50,001 to 15,00,000

From 15,00,001 and above

20%

25%

30%

 


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Related Links:

Video - To watch the Income Tax video, click here.

FAQs - To read more FAQs about Income Tax, click here.

Documentation - To read more about Income Tax, click here.

Product Update - To read about the product update, click here.

 

 

 

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