WebFeb 3, 2024 · For a salaried taxpayer with Rs 7.5 lakh income, the tax liability becomes nil under the new tax regime after using the newly introduced standard deduction of Rs 50,000. This treatment will bring the income down to Rs 7 lakh, which is the nil-tax level. Web5 hours ago · Four per cent additional health and education cess will be added to the income tax liability. Surcharge is also different for different income groups: 10% of income tax if …

Rules For Taxable Interest on PF Contribution - TaxGuru

Web5 hours ago · Four per cent additional health and education cess will be added to the income tax liability. Surcharge is also different for different income groups: 10% of income tax if total income > Rs.50 lakh. 15% of income tax if total income > Rs.1 crore. 25% of income tax if total income > Rs.2 crore. 37% of income tax if total income > Rs.5 crore WebHere, you can avail tax deductions up to Rs 1.5 lakh under Section 80C of the Income Tax Act. You can choose to invest in: Employee Provident Fund (EPF): This is a retirement benefit scheme for salaried employees. Here, 12% of the basic salary and Dearness Allowance (DA) is deducted by the employer. This fund is then deposited in government ... flower header for word

Income tax: Taxable income over Rs 5 lakh? Here

WebIncome Tax Calculation in 2024. An Income Tax Calculator helps you to calculate the total tax payable based on your taxable income, expenses, age, investments and interest paid … WebFeb 4, 2024 · The minimum deductions needed if annual income is Rs 9 lakh: If your annual income is Rs 9 lakh, then there is no other way for salaried employees to save taxes than by claiming a standard deduction of Rs 50,000. You will have to pay an income tax of Rs 40,000 under the new tax regime. WebDec 20, 2024 · 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 … greeley square station post office