24 April 2022 8:37

How much tax should i pay for 9 lakhs

What is the tax on 9 lakhs? If your taxable income is Rs 9 lakh per annum, you will fall into the tax slab of Rs 7.5 lakhs-10 lakhs. As per the new Tax rate post the budget 2020, 15% of your taxable income is liable for a tax deduction.

How much tax do I pay on 10 lakhs?

Income tax slabs for new and old regime

Taxable income Tax rates
Rs. 7,50,001 – Rs. 10,00,000 Rs. 37,500 + 15% of total income above Rs. 7.5 lakh + 4% cess
Rs. 10,00,001 – Rs. 12,50,000 Rs. 75,000 + 20% of total income above Rs. 10 lakh + 4% cess

How can I save my income tax in 9 lakhs?

You can start your savings by first investing in instruments that offer rebates under Section 80C of the Income Tax Act. You can save up to a maximum of Rs 1.5 lakh by putting your money in investment tools such as EPF, PPF, ELSS, NSC.

How can I avoid 10 lakhs tax?

How to Save Tax for a Salary Above Rs 10 Lakhs?

  1. Reduce Your Taxable Income by Up To Rs 1.5 Lakhs (Section 80C, 80CCC, 80CCD) …
  2. Additional Reduction of Up To Rs 50,000 for NPS Investors (Section 80CCD. …
  3. Reduce Your Taxable Income by Up To Rs 75,000 (Section 80D) …
  4. Reduce Your Taxable Income by Up To Rs 2 lakhs (Section 24)

What is the tax deduction for 8.5 lakhs?

If an individual has a salary of Rs 8 lakh per annum, and he/she has opted for a new income tax slab regime, then an income tax will be Rs 46,800.

What is an Income Tax on a Salary of Rs. 8 Lakhs Per Annum?

Particulars As per Tax Rate before Budget 2020 As per Tax Rate after Budget 2020
Income 8,00,000 8,00,000

How can I save tax on 9.5 LPA?

Earning Rs 9.5 lakh per annum? Here’s how to pay zero tax

  1. Here is how:
  2. Exhaust 80C Limit.
  3. Claim Interest On Home Loan.
  4. Additional Tax Benefit For NPS Contributors.
  5. Standard Deduction For Every Salaried Person.
  6. Reduce Medical Expenditures And Tax In One Go With Health Insurance.
  7. Interest Income Can Play A Role Too.

What is the tax for 1 crore in India?

1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of Rs 50 Lakh by more than the amount of income that exceeds Rs 50 Lakhs. ii.

Taxable income Tax Rate
Up to Rs. 10,000 10%
Rs. 10,000 to Rs. 20,000 20%
Above Rs. 20,000 30%

How much tax should I pay for 7 lakhs?

New income tax slabs for individuals for FY 2020-21

Income Tax Slab Tax Rate
From Rs.5,00,001 to Rs.7,50,000 10% of the total income that is more than Rs.5 lakh + 4% cess
From Rs.7,50,001 to Rs.10,00,000 15% of the total income that is more than Rs.7.5 lakh + 4% cess

What is the tax on 13 lakhs in India?

Under the old regime, with deductions, these individuals pay 20% income tax. Similarly, people earning Rs 10 lakh to Rs 12.5 lakh pay 20 per cent, and those earning Rs 12.5 lakh to Rs 15 lakh pay 25% — against 30 per cent earlier.

How can I save tax on 8 lakhs?

You can get a deduction of up to Rs. 1.5 lakh under Section 80C of the Income Tax Act. You can do this by investing the entire sum into your PPF, or dividing it between your PPF, EPF, tax-saving mutual funds, and tuition fees paid for your children’s education. Thus, your gross income gets reduced to Rs.

How much tax should I pay for 6 lakhs?

Income Tax on Rs 6 lakh income

Without Exemptions/Deductions, the tax calculator shows those earning Rs 6 lakh annual income will have to pay Rs 23400 as tax as per the new regime. The tax payable under the old regime without exemptions and deductions will be Rs 33,800.

How is tax calculated?

Income tax is calculated on the basis of applicable tax slab. Your taxable income is worked out after making relevant deductions, the resultant taxable income will be taxed at the slab rate that is applicable.

How do you work out 20% tax?

Quote: So to do that the simple way is you take your original. Value. Let's say original value. And you multiply currently by 1.2. It really is as simple as that. So you take this you multiply by 1.2.

How can I save tax?

Save Income Tax on Salary

  1. Deductions under Section 80C, Section 80CCC and Section 80CCD. Citizens of India can save tax under these 3 sections. …
  2. Medical Expenses. …
  3. Home Loan. …
  4. Education Loan. …
  5. Shares and Mutual Funds. …
  6. Long Term Capital Gains. …
  7. Sale of Equity Shares. …
  8. Donations.

How is tax deducted from salary?

It will be computed as follows: Average Income tax rate = Income tax payable (calculated through slab rates) divided by employee’s estimated income for the financial year. For example, if Mr Sharma (ageing 58 years of age) receives a salary of Rs. 1,00,000 per month during the FY 2019-20.

What is the tax deduction for salary 2021?

Rs 50,000

Ans: No, a salaried taxpayer can only claim Rs 50,000 as the standard deduction for FY 2021-22. You can’t claim reimbursement for travelling and medical expenses as of now.

How can I save tax on 12 lakhs?

Tax Deductions under Section 80(C)

  1. Investments in PPF (Public Provident Fund)
  2. Investments in EPF (Employee Provident Fund)
  3. Investments in ELSS funds (Equity-Linked Savings Scheme)
  4. Investments in NSC (National Savings Certificates)
  5. Payment of premiums against Life Insurance Policies.

What income is tax free?

Individuals with Net taxable income less than or equal to Rs 5 lakh will be eligible for tax rebate u/s 87A i.e tax liability will be nil of such individual in both – New and old/existing tax regimes. Basic exemption limit for NRIs is of Rs 2.5 Lakh irrespective of age.

Should I pay income tax?

Any Indian citizen aged below 60 years is liable to pay income tax, if their income exceeds Rs 2.5 lakhs. If the individual is above 60 years of age and earns more than Rs 2.5 lakhs, he/she will have to pay taxes to the Government of India.

What salary is tax free in India?

✅What is the amount of tax-free income? According to new and old tax regimes, an individuals income below ₹ 2.50 Lakh is exempted from tax. However, you can claim tax rebate on income upto ₹ 5 Lakh and make it tax free.

What is ITR?

Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year.

Who should pay tax?

Any Indian citizen aged below 60 years is liable to pay income tax if their income exceeds 2.5 lakhs. If the individual is above 60 years of age and earns more than Rs. 3 lakhs, he/she will have to pay taxes to the government of India.

Is it compulsory to file ITR?

It is mandatory to file the income tax returns online for all the registered taxpayers whose taxable income. However, paper returns can be filed by those who are above 80 years of age and do not have any income from regular business or profession.