What is the tax deduction for 8 lakhs?
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What is the tax deduction for 8 lakhs?
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 without any exemptions and deductions. An individual can save Rs 28,600 more as compared to an old tax regime.
How save tax if salary is 8 lakhs Quora?
Deduct your contribution from this which is 12.5\% of basic salary. Assuming basic salary to be around 20\% of your gross, your EPF contribution will be INR 19,125 per annum. So you in hand salary before taxes will be INR 745,875. You can claim HRA of INR 61,200 as tax exemption (this is assuming you live in a metro).
How much tax do I pay on 9 lakhs in India?
If your taxable income is Rs 9 lakh per annum, you will fall into the tax slab of Rs 7.5 lakhs-10 lakhs. As per the new Tax rate post the budget 2020, 15\% of your taxable income is liable for a tax deduction.
How can I save tax if I earn 8.5 lakhs?
Income tax saving guide: These 10 ways can help you save up to Rs 8 Lakh
- Tax Deduction on Home Loan Interest.
- Claim Principal Amount of Home Loan.
- LIC premium, PF, PPF, Pension Scheme.
- Central Government Pension Scheme.
- Health Insurance Premium.
- Medical and maintenance expenses of disabled dependents.
What will be the income tax for 10 lakhs?
This guide answers the question for salaried individuals with an annual income of Rs. 10 lakhs….Income Tax Slabs for individuals below 60 years – Old and New Tax Regimes.
| Income Tax Slab | ||
|---|---|---|
| New | Income | Old |
| 10\% | Rs. 5 lakhs to Rs. 7.5 lakhs | 20\% |
| 15\% | Rs. 7.5 lakhs to Rs. 10 lakhs | 20\% |
| 20\% | Rs. 10 lakhs to Rs. 12.5 lakhs | 30\% |
How is 10 lakhs taxed?
Tax rate for individuals (below 60 years) and HUFs:
| Tax Slabs | Tax Rates |
|---|---|
| Income up to Rs.2.5 lakhs | NIL |
| Income between Rs.2.5 lakhs and Rs.5 lakhs | 10\% of amount exceeding Rs.2.5 lakhs |
| Income between Rs.5 lakhs to Rs.10 lakhs | 20\% of amount exceeding Rs.5 lakhs |
| Income above Rs.10 lakhs | 30\% of amount exceeding Rs.10 lakhs |
How can I save tax on 8 lakhs?
So if your remaining deductions under 80C are less than 1.5 lakhs, then you can claim tax deduction by meeting this limit from the principal amount of the home loan. You get all the tax exemptions under Section 80C of Income Tax. For example, if you have taken a policy of LIC, then you can claim its premium.
What is the income tax for 8 lakhs in India?
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.
How much do you have to pay in tax in India?
The amount you have to pay in tax depends on which income tax slab you fall under. Currently, the maximum rate for income tax is capped at 30\% though a surcharge and educational cess is added. The table below gives an idea of the taxable income in India.
How much is the new tax surcharge on income tax in India?
Taxpayers with income between Rs 50 lakh and Rs 1 crore continue to pay 10\% surcharge, between Rs 1 crore and Rs 2 crore pay 15\%, between Rs 2 crore and Rs 5 crore pay 25\% and those with income over Rs 5 crore pay 37\%. So those earning just below these limits will not benefit if they forego the exemptions and move to the new regime.
What is the income limit for income tax rebate in India?
However, if net taxable income is more than INR 5 Lakh, you are not eligible for the rebate. This is because there is no change in the slab rate. 4\% health and education cess on tax payable.