WebAs per the tax slabs, an individual below 60 years is categorised under the tax slab of 5% for an annual income between Rs 2.5 lakh and 5 lakh. The tax slab of 20% is applicable for an annual income between Rs 5 lakh and Rs 10 lakh, while the 30% tax slab is applicable for those individuals earning above Rs 10 lakh. WebDec 21, 2024 · Total Taxable Income: Tax Under New Tax Regime: Up to Rs. 2,50,000: None: Rs. 2,50,001 – Rs. 5,00,000: 5% of the income earned over Rs. 2,50,000 + 4% cess …
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Web20% of total income over and above ₹5 Lakh + ₹12,500) Above ₹10 Lakh. 30% of the total income over and above ₹10 Lakh + ₹1,12,500) An additional health and education cess at 4% of the total tax payable is levied. A surcharge of 10% of the total income also has to be paid by people earning higher than ₹50 Lakh annually. Web1 day ago · In her budget speech, Sitharaman said, “Each salaried person with an income of 15.5 lakh or more will thus stand to benefit by Rs 52,500.” So, while taxpayers under the new tax regime will benefit from this tweaking in slabs and rates and standard deduction (to a maximum of Rs 52,500), the announcement has also made taxpayers under OTR do the … multiplying rational fraction calculator
Tax Tips: How to maximise your savings on salaries above Rs 20 lakh
WebUnder Section 87A, individuals with income below Rs. 5 Lakh can claim a tax rebate of up to Rs. 12,500. Under Section 80C, you can claim a deduction of up to Rs. 1.5 Lakh through investment in any tax-saver Fixed Deposit, PPF, NSC, ULIP, or ELSS on the interest income. Webe-Filing of Income Tax Return or Forms and other value added services & Intimation, Rectification, Refund and other Income Tax Processing Related Queries 1800 103 0025 … Web37% of Income tax if total income is more than Rs.5 crore. Note - In the Budget for the year ... multiply ingredients calculator