Question: What Is The Tax On 10 Lakhs?

How can I save tax if I earn 20 lakh?

These deductions include: Section 80C deduction of maximum Rs 1.5 lakh, section 80D deduction for health insurance premiums paid and other deductions for which a taxpayer is eligible, section 80TTA deduction for interest received from a saving account held with bank or post office etc..

How much tax do I pay on 15 lakhs?

Also ReadTaxable Income Slab (In Rupees)Existing Tax RatesNew Tax Rates7.5-10 lakh20%15%10-12.5 lakh30%20%12.5-15 lakh30%25%Above 15 lakh30%30%4 more rows•Feb 3, 2020

How can I save tax if I earn 15 lakh?

The most popular of these include investments in Public Provident fund, life insurance, tax –saving fixed deposits etc most of which fall under the Rs 1.5 lakh maximum limit provided as per Section 80C.

How can I save tax on 10 lakhs?

There are possible components for tax deductions which can help you save taxes:Annuity Plans.Child Tuition Fees.Employee National Pensions Scheme (NPS)Equity Linked Savings Scheme Investment.Fixed Deposits.Housing Loan Interest.Interest on Saving Account Deposits.Interest on the loan is taken for Residential House.More items…

What is the tax on 11 lakhs?

What are the different tax slabs and tax rates under the new tax regime?Total Income per annumTax RatesAbove Rs. 7.50 lakh up to Rs. 10 lakh15%Above Rs. 10 lakh up to Rs. 12.50 lakh20%Above 12.50 lakh up to Rs. 15 lakh25%Above 15 lakh30%3 more rows

How much tax should I pay for 7 lakhs?

A 10 per cent tax will be charged on income between Rs 5 and 7.5 lakh, 15 per cent, 20 per cent and 25 per cent on next Rs 2.5 lakh each and 30 per cent on income above Rs 15 lakh.” Currently, annual income up to Rs 2.5 lakh is exempt from income tax.

How do I calculate my salary?

How to Calculate Your Income Tax in 5 stepsStep 1: Calculate your gross income. First, write down your annual gross salary you get. … Step 2 – Arrive at your net taxable income by removing deductions. … Step 3: Arriving at your net taxable income. … STEP 4 – Calculate Your Taxes. … Step 5: Consolidate your net tax.

How much tax do I pay on 10 lakhs?

Income Tax Slabs for individuals below 60 years – Old and New Tax RegimesIncome Tax SlabNewIncomeOld10%Rs. 5 lakhs to Rs. 7.5 lakhs20%15%Rs. 7.5 lakhs to Rs. 10 lakhs20%20%Rs. 10 lakhs to Rs. 12.5 lakhs30%3 more rows•Jun 10, 2020

What is the tax on 12 lakhs?

Income Tax on Rs 12 lakh income Without Exemptions/Deductions, the tax calculator shows those earning Rs 12 lakh annual income will have to pay Rs 1,19,600 as tax as per the new regime. The tax payable under the old regime without exemptions and deductions will be Rs 1,79,400.

How is tax calculated?

Tax is charged as a percentage of your income. The percentage that you pay depends on the amount of your income. The first part of your income, up to a certain amount, is taxed at 20%. This is known as the standard rate of tax and the amount that it applies to is known as the standard rate tax band.

What is the maximum tax on salary income?

Section 80C of the Income Tax allows tax exemption of up to Rs. 1.5 lakhs per annum (meaning you can save up to Rs. 45,000 on tax per year). Fixed deposits, PPF, ULIP and ELSS are some of the more popular 80C investments, though there are plenty of other options too.

Is 15 lakhs a good salary in India?

Is 15 lakhs a good salary in India? Further, if you are fairly young and have no ailments, 15 lakhs per annum is considered a good salary by Indian standards.

Is 25 lakhs a good salary in India?

Mostly salary is directly proportional to experience. … But after almost 5 to 6 years of experience and with skills a person in India can get 25 lakhs to 30 lakhs per annum. But those people are just about 20% of the population. One platform in India which now gives you better advice is none other than Quora.

Is 10 lakh per month a good salary?

10 lakh per month converts to 1.2 Cr per annum which is a good salary in Mumbai but again it depends on your spending habits.

How do you avoid taxable income?

Tax-sheltered income from eligible municipal bonds can also help taxpayers save.Invest in Municipal Bonds. … Shoot for Long-Term Capital Gains. … Start a Business. … Max Out Retirement Accounts. … Use a Health Savings Account (HSA) … Get IRS Credits.