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Income tax for 8.5 lakhs

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 … 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.

Best 10 Ways to Save Tax Other Than Section 80C Investments

WebSo, your total deduction = professional tax + your contribution to EPF + the company’s contribution to EPF + employee insurance = ₹2,500 + ₹21,600 + ₹21,600 + ₹3,000 = ₹48,700. Your total yearly take-home salary = gross salary – total deductions = ₹9.50 lakhs - … 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 ... randy lacroix haverhill ma https://mommykazam.com

Calculate Your In-Hand Salary Based on Your CTC - Khatabook

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 … WebIncome and Tax calculator Income and Tax calculator This calculator allows to calculate the Total Income and Tax thereon alongwith interest under section 234 A/B/C Read More Calculator Deferred Tax Calculator Deferred Tax Calculator oviedo crash

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

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

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Income tax for 8.5 lakhs

Old or New Tax Regime? 10 tips to choose which tax regime suits …

WebMar 31, 2024 · As there is no contribution by the employer (i.e., the government), employees of the government sector can contribute a maximum of Rs 5 lakh into PF accounts in a financial year to earn tax-exempt interest. Thus the government employees having an annual salary in excess of Rs 83.32 lakhs would be liable to pay income tax on interest accrued … WebApr 12, 2024 · Here's why you need to carefully evaluate the two income tax regimes now and how to go about it. Benchmarks . ... Zero tax payable for income up to Rs 7 lakh An individual opting for the new tax regime for FY 2024-24 will pay zero tax if the taxable income does not exceed Rs 7 lakh in a financial year. Further, an individual having taxable ...

Income tax for 8.5 lakhs

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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 … 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 …

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 … WebSection 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 ...

WebThis Net taxable income = 9,00,000- 1,08,000- 15,000-51, 000 = Rs 7,26,000 Calculation of tax liability Under the new tax regime Calculation of Taxable Income = CTC - Contribution by employer to Provident Fund = Rs. 9,00,000 - Rs. 54,000 = Rs. 8,46,000 Calculation of Tax Liability under the new regime 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 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 ...

WebDec 20, 2024 · If a taxable income is Rs 10 lakh per annum, then you will fall into the tax slab of Rs 10 lakhs to 12.5 lakhs. According to the new income tax slab rate, post budget … randy lachanceWeb9 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 ... randy lackeyWebKnow about the new income tax slab rates for the FY 2024-24. Get the information about the current tax slab rates for individuals, senior citizens and super senior citizens on Groww. … randy lacey polk county gaWebFeb 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 … oviedo dealershipWebTotal 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. randy lack anewWebOct 28, 2024 · No income tax needs to be paid if your taxable income is below Rs 5 lakh in both the regimes, and yet there is a tax of 5% on income above Rs 2.5 lakh. This may … randy lacknerWebFeb 21, 2024 · The individual has to plan investments and park money in different tax saving avenues for the financial year (FY) 2024-20 and avail deductions to reduce his taxable income to Rs 5 lakh. If an individual calculates his taxes early in the FY, he can invest his earnings in the most tax-friendly ways and reduce taxes to zero. randy lafferty appraiser