Income tax for 8.5 lakhs
WebJul 21, 2024 · In case your taxable income is Rs 8.5 lakh and your standard deduction is Rs 50,000, your gross income would be Rs 8 lakh. The income tax payable along with cess … Web1 day ago · The rebate is hiked to Rs 7 lakh from Rs 5 lakh under the new tax regime. Thus, individuals having an income up to Rs 7 lakh and opting for the new tax regime do not …
Income tax for 8.5 lakhs
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WebDec 26, 2024 · Indian income tax rules provide a lot of opportunities to reduce your taxable income. However, most taxpayers know and take advantage of ₹ 1.5 lakh deduction available under Section 80C. However, by knowing about many other tax-saving opportunities that exist, every taxpayer can further reduce the taxes they pay. Follow the below-given steps to use the tax calculator: 1. Choose the assessment year for which you want to calculate the tax 2. In the next field, select your age. … See more The Indian Income-tax works on the basis of a slab system and the tax is levied accordingly on individual taxpayers. Slab implies the different tax rates charged for … See more Individuals can determine the total tax expenses through an online income tax calculator. Such tools take into account the following pointers to reflect the actual … See more
WebSection 80C allows a maximum deduction up to ₹1.5 lakhs per year from an investor’s total taxable income. Section 80C of the Income Tax Act 1961, along with sections 80CCC and 80CCD, lists a number of financial activities which can reduce your taxable income. Popularly known as 80C deductions these investment and spending actions help you ... Web9 hours ago · If you are not claiming too many deductions, you may want to opt for the new tax regime to save money on taxes. Under the new tax regime, you can claim tax rates of …
WebJan 17, 2024 · Audit is applicable for persons carrying on profession & if their gross receipts exceeds Rs. 50 Lakhs in any P.Y. * Note: Profession referred in Sec. 44AB (b) = Every Profession [ which includes specified profession ] 44AB (b) should be read along with 44AA (1) & (2), 44AB (d) & 44ADA (1) & (4) to determine the tax audit liability of Specified ... WebIf you make ₹ 85,000 a year living in India, you will be taxed ₹ 10,200.That means that your net pay will be ₹ 74,800 per year, or ₹ 6,233 per month. Your average tax rate is 12.0% and …
WebOct 28, 2024 · No income tax needs to be paid if your taxable income is below Rs 5 lakh in both the regimes, and yet there is a tax of 5% on income above Rs 2.5 lakh. This may …
Web9 hours ago · If you are not claiming too many deductions, you may want to opt for the new tax regime to save money on taxes. Under the new tax regime, you can claim tax rates of 5%, 10%, 15%, 20%, and 30% for ... data analysis methods in research pdfWebKnow about the new income tax slab rates for the FY 2024-24. Get the information about the current tax slab rates for individuals, senior citizens and super senior citizens on Groww. … bitgert cryptocurrencyWebFeb 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 … data analysis methods in systematic reviewsWebSo, your total deduction = professional tax + your contribution to EPF + the company’s contribution to EPF + employee insurance = ₹2,500 + ₹21,600 + ₹21,600 + ₹3,000 = ₹48,700. Your total yearly take-home salary = gross salary – total deductions = ₹9.50 lakhs - … data analysis not showing on excelWebIf population (*) exceed 25 Lakhs : 15% of salary minus rent paid by employee. If population (*) exceeds 10 lakhs but up to 25 lakhs: 10% of salary minus rent paid by employee. If … bitgert cryptoWebApr 12, 2024 · If your tax-saving investments is above Rs 3.75 lakh then the old tax regime will be better for you, according to a calculation by Clear. If your tax-saving investments are less than Rs 3.75 lakh ... bitgert crypto latest newsWebDec 8, 2024 · Under Section 80C, a taxpayer can claim an exemption for the investments made and expenses incurred up to Rs 1.5 lakh in a financial year. The investments and expenses in the financial year qualify for a deduction claim. For example – To claim tax deduction under old regime in AY 2024-2024, the deduction and expenses must be made … data analysis methods in healthcare