Income tax for 8.5 lakhs

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August undefined, 2024

WebIf population (*) exceed 25 Lakhs : 15% of salary minus rent paid by employee. If population (*) exceeds 10 lakhs but up to 25 lakhs: 10% of salary minus rent paid by employee. If … 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.

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

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 ... how many highwaymen are still alive

Tax Calculators

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 cess according to the slabs ... 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. how many high tides and low tides in a day

Income Tax: How to choose between the old and new tax regime …

What is Income Tax Return & Is it mandatory to file Income Tax …

WebSep 6, 2024 · Accordingly, no exemption shall be available for the interest income accrued during the previous year in the recognized and statutory provident fund to the extent it relates to the contribution made by the employees over Rs. 2, 50,000 in the previous year on or after the 1st day of April 2024. 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 ... how a chick hatchesWebSep 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. how a child is born

"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... " - Income tax for 8.5 lakhs

Income tax for 8.5 lakhs

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

WebDec 20, 2024 · 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. It is calculated … 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

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WebMonthly Interest for 5 Lac Fixed Deposit in Post Offices The Post Office Monthly Income Scheme locks your funds for 5 years, and the current interest rate is 6.6% per annum. Thus, you earn Rs 2,750 per month in interest and the total interest payout per year is Rs 33,000 for a 5 Lac Fixed Deposit. WebIncome tax exemption limit increased from Rs 2.5 lakh to Rs 3 lakh Tax Rebate under section 87A increased from Rs 5 lakh to Rs 7 lakh The default tax regime will be the new …

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 … WebFeb 3, 2024 · For a salaried taxpayer with Rs 7.5 lakh income, the tax liability becomes nil under the new tax regime after using the newly introduced standard deduction of Rs 50,000. This treatment will bring the income down to Rs 7 lakh, which is the nil-tax level.

Web1 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 … 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 …

WebJan 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 ...

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 … how a child learnsWeb9 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 … how a child is formedWebDec 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. how many hikers go missing each yearWeb9 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 ... how many high tides occur a dayWebAbove 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 … how a child learn his first languageWebIncome Tax Calculation in 2024. An Income Tax Calculator helps you to calculate the total tax payable based on your taxable income, expenses, age, investments and interest paid … how many high tides and low tides occur a dayWebHere, you can avail tax deductions up to Rs 1.5 lakh under Section 80C of the Income Tax Act. You can choose to invest in: Employee Provident Fund (EPF): This is a retirement benefit scheme for salaried employees. Here, 12% of the basic salary and Dearness Allowance (DA) is deducted by the employer. This fund is then deposited in government ... how many hiit per week