WebThis means that if your yearly income is Rs 7.5 lakhs, after a deduction of Rs 50,000, you need not pay any taxes! The Art of Deduction If you have invested in policies like PPF, ELSS, tuition fees, EPF, etc., then you can enjoy deductions of up to Rs 1.5 lakhs as well as lower tax rates under the New Regime! WebThis means that if your yearly income is Rs 7.5 lakhs, after a deduction of Rs 50,000, you need not pay any taxes! The Art of Deduction If you have invested in policies like PPF, …
Only 76 lakh Indians showed income of over Rs 5 lakh: Jaitley
Web1 day ago · The rebate is hiked to Rs 7 lakh from Rs 5 lakh under the new tax regime. ... 8.1 For instance, on a taxable income of Rs 7 lakh per annum, Mr. Bombe is not required to pay any income tax due to the full rebate. But in case of a slight increase of Rs 5000 in the taxable income, the rebate under the section is not allowed and tax will be ... WebJan 24, 2024 · The amount of professional tax collected does not exceed Rs. 2,500 per annum. 3) Investment in 80C for taking full benefit of 1,50,000: Any individual or HUF can get a tax deduction up to Rs.1,50,000 per financial year under Section 80C of the Income Tax Act. The deduction can be claimed basically for investment or expenditure made on … normal lifespan of a horse
How can i save on income tax in India if my salaried income is 6.5 …
WebMar 13, 2024 · The income tax on a salary of ₹10 lakhs per annum in India as per the 2024 budget is ₹1,40,000/- per annum. This means that if you are earning a salary of ₹10 lakhs per annum, you will have to pay 40% (₹40000/-) of your salary as income tax. This income tax rate applies to all salaries and is universal regardless of whether you are an ... WebApr 10, 2024 · To further illustrate the point, let us assume that one with income of Rs.15.5 Lakhs, has a combined deductions of Rs.5.25 Lakhs (across limits of 80C, 80D with senior citizen parents, home loan interest repayment, NPS & standard deduction), then the tax outgo under the Old TR is Rs. 1,24,800, which is Rs. 31,200 less than Rs.1,56,000 under … WebApr 12, 2024 · Hike in basic exemption limit under new tax regime Due to changes in the income tax slabs under the new tax regime, there has been a hike in the basic exemption … normal life span of water heater