How much tax do I pay on 13.5 lakhs?
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How much tax do I pay on 13.5 lakhs?
Those earning a salary between ₹10 and 12.5 lakh will pay tax at the rate of 20 per cent, while income between ₹12.5 and ₹15 lakh will be liable to pay 25 per cent tax. Income above ₹15 lakh will be taxed at 30 per cent.
How can I save maximum tax on my salary in India?
Save Income Tax on Salary
- Deductions under Section 80C, Section 80CCC and Section 80CCD. Citizens of India can save tax under these 3 sections.
- Medical Expenses.
- Home Loan.
- Education Loan.
- Shares and Mutual Funds.
- Long Term Capital Gains.
- Sale of Equity Shares.
- Donations.
What is the best salary structure to save tax?
Deduction u/s 80D
| Conditions | Premium Paid | Deduction u/s 80D (Rs) |
|---|---|---|
| Parents above 60 years and individual and his family less than 60 years | 25000 | 75000 |
| Both individual, his family, and parents are more than 60 years | 50000 | 100000 |
| Members of HUF | 25000 | 25000 |
| Non-resident individual | 25000 | 25000 |
How can I save tax on my salary under 13 lakhs?
1. Reduce Your Taxable Income by Up To Rs 1.5 Lakhs (Section 80C, 80CCC, 80CCD)
- Unit Linked Insurance Plans (ULIPs)
- Pension or Annuity Plans from Life Insurance Companies.
- Public Provident Fund (PPF) & Employee Provident Fund (EPF)
- New Pension Scheme Tier-I Account.
- Senior Citizen Savings Scheme.
How much will be the new tax on income above 15 lakh?
Income above Rs 15 lakh will be taxed at 30 per cent. NEW DELHI: Individuals having an annual salary income of over Rs 13 lakh and availing deductions of up to Rs 2 lakh will save on their tax outgo if they opt for the new tax regime proposed in the Budget, government sources said on Sunday.
What is the additional deduction on interest on 35 lakh home loan?
This additional deduction has been given on interest for loan up to Rs 35 lakh, provided the house value doesn’t exceed Rs 50 lakh. Assuming a loan of Rs 35 lakh to be paid over 20 years, the annual deduction comes to around Rs 2.5 lakh, including the Rs 2 lakh currently available.
How much tax will you pay on your income in India?
Those earning a salary between Rs 10 and 12.5 lakh will pay tax at the rate of 20 per cent, while income between Rs 12.5 and Rs 15 lakh will be liable to pay 25 per cent tax. Income above Rs 15 lakh will be taxed at 30 per cent. The new slabs would be for individuals not availing certain specified deductions or exemptions.
What is the average savings of a person with 14 lakhs?
On salary of Rs 14 lakh a year, savings would be Rs 10,400; and for those with income of Rs 15 lakh and above, savings would be Rs 15,600, provided the deductions claimed are up to Rs 2 lakh.