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Income tax for 8.5 lakhs

WebFeb 1, 2024 · Personal Income Tax: “The new tax rates are 0 to Rs 3 lakhs – nil, Rs 3 to 6 lakhs – 5%, Rs 6 to 9 Lakhs – 10%, Rs 9 to 12 Lakhs – 15%, Rs 12 to 15 Lakhs – 20% and above 15 Lakhs ... WebJan 2, 2024 · The new tax regime is different from the old tax regime in three aspects. In the recent Budget, the finance minister has increased the number of slab rates to six. Consequently, the tax rates are now 0%, 5%, 10%, 15%, 20% and 30% in the six slabs. The exemptions and deductions in the Old Regime are not available in the New one.

Tax Tips: How to maximise your savings on salaries above Rs 20 lakh

WebHey, As you have mentioned that the CTC is 5.5 LPA, then the in-hand salary can be calculated roughly by two ways. Although none of the ways gives you very accurate results but the actual salary will be very close to it. 1. Divide the CTC by 15. S... Web9 hours ago · If you are not claiming too many deductions, you may want to opt for the new tax regime to save money on taxes. Under the new tax regime, you can claim tax rates of 5%, 10%, 15%, 20%, and 30% for ... sharma group of industries https://2boutiques.com

Earning Rs 8-12 lakh a year? Check which income tax …

WebIf you make ₹ 85,000 a year living in India, you will be taxed ₹ 10,200.That means that your net pay will be ₹ 74,800 per year, or ₹ 6,233 per month. Your average tax rate is 12.0% and … WebSep 23, 2024 · Higher Basic pay can be beneficial in saving income tax. For example, if your Basic pay is 50,000 per month in India, then #1 HRA is about 40-50% of Basic. You can get more but it does not really matter as income tax India has some clever house rent allowance rules to keep you away from taking tax exemption if you go above a certain amount. WebDec 8, 2024 · Under Section 80C, a taxpayer can claim an exemption for the investments made and expenses incurred up to Rs 1.5 lakh in a financial year. The investments and expenses in the financial year qualify for a deduction claim. For example – To claim tax deduction under old regime in AY 2024-2024, the deduction and expenses must be made … sharma group flower mound

Rs 9-12 lakh annual income: Old or new tax regime will help you …

Category:85,000 income tax calculator 2024 - India - salary after tax

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Income tax for 8.5 lakhs

Income Tax Calculator AY 2024-24: Calculate Taxes for FY 2024 …

WebThe Income Tax Calculator will allow you to calculate your income tax for financial year FY 2024-24 (AY 2024-25). Calculate Taxes for FY23-24 Without exemption (New Regime) With exemption... Web1 day ago · However, the case of Non-filers who has not filed Income tax return for all the 3 assessment years , tax shall be deducted @ 2% (for sum exceeding Rs. 20 lakhs to Rs. 1 …

Income tax for 8.5 lakhs

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WebYou can calculate your Monthly take home pay based of your Monthly gross income, Education Tax, NIS and income tax for 2024/24. Use the simple monthly tax calculator or switch to the advanced monthly tax calculator to review NIS payments and income tax deductions for 2024. WebTotal deductions = Professional tax + EPF (your contribution) + EPF 9company contribution) + Employee insurance = ₹2,400 + ₹21,600 + ₹21,600 + ₹3,000 = ₹48,600. Total yearly take-home salary = Gross salary – Total deductions = ₹7 lakhs – ₹48,600 = ₹6,42,400. Monthly take-home salary = Annual salary/12 = ₹6,42,400/12 = ₹53,533.

WebFeb 15, 2024 · Any individual or HUF can get a tax deduction up to Rs. 1.5 lakh per financial year under Section 80C of the Income Tax Act and its allied sections such as 80CCC and 80CCD. This deduction is not available to partnerships, companies and … WebJan 18, 2024 · Assuming a person who has Rs 10 lakh per annum in salary income and Rs 20,000 in interest income. Right off the bat, the yearly income will be reduced to Rs 9.7 …

WebFeb 1, 2024 · Nirmala Sitharaman’s Budget 2024-24 is aimed at making the new tax regime simpler for the middle-income group. For this, the government has revised income tax … WebApr 12, 2024 · If your tax-saving investments is above Rs 3.75 lakh then the old tax regime will be better for you, according to a calculation by Clear. If your tax-saving investments are less than Rs 3.75 lakh ...

WebJul 20, 2024 · Say your taxable salary is ₹ 8.5 lakh and your standard deduction is ₹ 50,000, which means your gross income becomes ₹ 8 lakh. The income tax payable along with …

WebJul 21, 2024 · According to the existing income tax laws, there are three tax slabs depending on your income. If your salary is Ra 2.5 lakh or less, you are not liable to pay any tax For … sharm agostoWebApr 14, 2024 · Income Tax Return Income Tax Return (ITR) is a form used to report the details of an individual’s or a business’s income and taxes paid to the Incom. Menu. … population of jacksonville fl 2021WebDec 26, 2024 · Indian income tax rules provide a lot of opportunities to reduce your taxable income. However, most taxpayers know and take advantage of ₹ 1.5 lakh deduction available under Section 80C. However, by knowing about many other tax-saving opportunities that exist, every taxpayer can further reduce the taxes they pay. sharmaharisam codeforcesWebSection 80C allows a maximum deduction up to ₹1.5 lakhs per year from an investor’s total taxable income. Section 80C of the Income Tax Act 1961, along with sections 80CCC and 80CCD, lists a number of financial activities which can reduce your taxable income. Popularly known as 80C deductions these investment and spending actions help you ... sharma g sweets winnipegWebCalculate your Income Tax for FY 2024-23 using Scripbox's Income Tax Calculator under the old and new tax regime at the latest tax slab rate. Search Login Investment. Wealth Plans … population of jakin gaWebApr 10, 2024 · 3) If you have just 80C deduction of Rs 1.5 lakh then new tax regime might be better as back-of-the-envelope calculations show that for an individual who just avail a deduction of Rs 1.5 lakh ... population of jacksonville 2022WebFeb 2, 2024 · New Regime Income Tax Calculator FY 2024-2024 (AY 2024-2025): Calculate your tax liability with New Regime Tax Calculator, know how much tax you will have to pay … population of jacksonville florida 2020