Do I need to pay tax if I transfer money from one account to another?
Do I need to pay tax if I transfer money from one account to another?
Simply, such receipts may be treated as gifts, and gifts up to a sum of Rs 50,000 are exempt from gift tax. But if bigger amounts are transferred between friends, the entire amount will be subject to tax.
How much money can I transfer in my bank account without tax?
Thus, as cash deposits and withdrawals of Rs 10 lakh or more in a bank account in a financial year are required to be reported to the tax authorities, you need to be careful if you are exceeding the prescribed threshold. This limit is Rs 50 lakh and more in case of current accounts.
How much money can I keep at home in India?
Limit Cash at Home to 15 lakhs, Says Supreme Court Panel on Black Money. New Delhi: Indians should be banned from keeping more than ₹ 15 lakhs in cash at home, suggested a team of experts assigned by the Supreme Court to fight and recover black money today.
What is the income tax on a salary of 8 lakhs?
If your salary is Rs 8 lakh per annum and you opt for the new income tax India regime, your income tax will be Rs 46,800. This will be without any exemptions/deductions. You can save Rs 28,600 more in comparison to the old regime. The table below will make it clear to you. What is the income tax on a salary of Rs 10 lakh per annum?
How can I reduce my income tax if I have 10 lakhs?
If you have a salary of under 10 lakhs, you may opt for the old Income tax regime and try to lower your tax burden as much as possible by implementing the following- Reduce your medical expenditure. Invest in health insurance and avail the deduction 4. Is 10 lakhs a good salary in India?
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.
What is the tax slab for 10 lakhs in India?
What is the tax slab for Rs 10 lakhs? If your taxable income is Rs 10 lakh per annum, you will fall into the tax slab of Rs 10 lakhs – 12.5 lakhs. As per the new Tax rate post the budget 2020, 20\% of your taxable income is liable for the tax deduction. 2.