What tax do I pay on 5.5 lakhs?
What tax do I pay on 5.5 lakhs?
Income tax calculator for FY2021-22
| Taxable income slabs | Income tax rates and cess |
|---|---|
| Up to Rs 5 lakh | Nil |
| Rs 5,00,001 to Rs 10,00,000 | 20\% of (Total income minus Rs 5,00,000) + 4\% cess |
| Rs 10,00,001 and above | Rs 1,00,000 + 30\% of (Total income minus Rs 10,00,000) + 4\% cess |
What is in hand salary if CTC is 5 lakh?
So if your annual CTC in India is Rs 5 lakh, you can expect to get an annual take-home of 3.5 lakh or Rs 29000 per month.
How much tax is deducted from CTC?
It is basically 4.81\% of employee basic salary. In this case, income tax is based on the gross salary of the employee and is deducted as a source by the employer. Moreover, the basic salary of an employee should be at least 50-60\% of his/her gross salary.
How much tax do I pay on 5 lakhs in India?
Tax Rate for Individual Taxpayers for FY 2020-21 (AY 2021-22)
| Tax Slab | Old Rates | Tax / Old Rates |
|---|---|---|
| Income up to 2.5 Lakh | 0\% | |
| Income from 2.5 Lakh – 5 Lakh | 5\% | 12,500 |
| Income from 5 Lakh – 7.5 Lakh | 20\% | 34,000 |
| Income from 7.5 Lakh – 10 Lakh | 20\% |
Is the entire CTC taxable?
It makes up a major part of your CTC. The basic pay is fully taxable in the tax slab in which your income falls. The higher the basic pay, the higher your tax liability. Allowances: If you study your CTC, you will find a mention of ‘Allowances’ and a limit against it.
Do you have to pay tax on a CTC of 7 lakhs?
A is having a CTC of Rs. 7 lakhs, don’t think that he has to pay tax for the full amount. Let us see the break-up of his CTC. Please note that Rs. 33,600 is the company’s contribution to the Provident Fund, which is a retirement savings for him. He will get this only on retirement or in the case of an early exit.
What is zero tax if income is less than 5 lakhs?
Zero Tax if income is less than Rs 5 Lakh While presenting Budget 2019, the finance minister mentioned that people earning less than Rs 5 lakhs would have to pay no taxes as they would get tax rebate up to Rs 12,500 ( Click to know how tax rebate works ).
Is CTC taxable in India?
Generally CTC is not taxable salary as it generally includes some tax free elements as Conveyance allowance etc However assuming entire CTC is taxable, your tax liability will be Rs 36050 including education cess You would also be entitled for rebate u/s 80C for savings made if any. Please share the same to share final tax payable
Do you have to file ITR if you earn less than 5 lakhs?
While presenting Budget 2019, the finance minister mentioned that people earning less than Rs 5 lakhs would have to pay no taxes as they would get tax rebate up to Rs 12,500 (Click to know how tax rebate works). Many people thought since they have no taxes to pay hence they do not have to file their ITR.