Income tax for 8.5 lakhs
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... WebFeb 4, 2024 · The minimum deductions needed if annual income is Rs 9 lakh: If your annual income is Rs 9 lakh, then there is no other way for salaried employees to save taxes than by claiming a standard deduction of Rs 50,000. You will have to pay an income tax of Rs 40,000 under the new tax regime.
Income tax for 8.5 lakhs
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WebAbove Rs.15 Lakhs. 30%. Calculated @30% p.a. rate, as per annual income. In addition, you pay Cess at 4% and a Surcharge at applicable rates. Union Budget 2024 capped the … WebDec 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.
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. Web2 days ago · Understanding the old and new tax regimes. The tax liability under the old tax regime was based on income slabs with a tax rate of 5% for income between 2.5 lakhs to …
WebApr 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 ... WebJan 18, 2024 · After claiming both these deductions, the taxable income will come down to Rs 4.95 lakh. Once the taxable income comes below Rs 5 lakh, it will not be taxed as it is …
WebIncome Tax Calculator 2024-24: Calculate Taxes for FY 2024-24 based on new Income Tax Slabs for 2024-24. ... For example, if you invest Rs. 1.5 lakh in specified investments under …
WebApr 4, 2024 · 2 min read . Updated: 04 Apr 2024, 08:49 AM IST Asit Manohar. New income tax rule on provident fund: The CBDT has notified that organisations need to maintain two separate PF accounts. One of the ... can i cancel a bid on gunbrokerWebSep 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. fitness testing for childrenWebJan 17, 2024 · Audit is applicable for persons carrying on profession & if their gross receipts exceeds Rs. 50 Lakhs in any P.Y. * Note: Profession referred in Sec. 44AB (b) = Every Profession [ which includes specified profession ] 44AB (b) should be read along with 44AA (1) & (2), 44AB (d) & 44ADA (1) & (4) to determine the tax audit liability of Specified ... fitness testing for balanceWebMar 13, 2024 · Tax on 8 lakh income – If you earn a salary of ₹ 1 lakh or more in a year, you’ll need to pay income tax on that income. The new Income tax slab for the year 2024 is ₹1 … fitness testing for policeWeb9 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 ... fitness testing for cardiovascular enduranceWeb1 day ago · The rebate is hiked to Rs 7 lakh from Rs 5 lakh under the new tax regime. Thus, individuals having an income up to Rs 7 lakh and opting for the new tax regime do not … can i cancel a charge on my credit cardWebFeb 1, 2024 · If the person opts for the 2024 revised version of the new tax regime (C), which is applicable from 2024-24 onwards, their taxable income will be Rs 9.5 lakh (Rs 10,00,000 … can i cancel a basic economy ticket on united