minimum how much salary is eligible for tax deduction? how tax deduction is calculate? i am new in this field so please help me
From India, Ahmedabad
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2From India, Ahmedabad
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For salary up to Rs.5,999 Nil For salary between Rs.6,000 to Rs.8,999 Rs.80 For salary between Rs.9,000 to Rs.11,999 Rs.150 For salary of Rs.12,000 and above Rs.200
From India, Vadodara
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From India, Vadodara
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According to me if any person in earning above 2.5 lacs than needs to pay tax For 2.5 lac to 5 lacs 10% 5 lacs to 10lac 20% 10lac above 30%
From India, Mumbai
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From India, Mumbai
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as per latest slab by it. Upto 300000, there is no tax liability, form 300000 to 500000 = 5%, 500000 to 100000 = 10%.
From India, Delhi
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From India, Delhi
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Dear NIRJAVB,
The calculation on income tax is very vast. It can be both simple and complex, depending on the scenario and applicable conditions.
In simple terms, the present income tax slab for the financial year is as follows:
Income up to Rs. 3.00 L = NIL (Tax-Free Income)
Note: Tax-free income is applicable only if it is up to Rs. 3.00 L. If it exceeds this amount, revised rates will be applicable as per below:
Income more than 3.00 L and up to 5.00 L = @ 5% from Rs. 2.50 L to 5.00 L (Rs. 12,500/-).
Income from 5 L to 10 L = @ 20% (Rs. 1.00 L)
Income more than 10 L = @ 30%
Cess on tax is extra (as applicable).
In the current year, the 10% tax slab is not applicable. Also, note that while calculating income for tax purposes, different kinds of exemptions and deductions apply to different types of taxpayers.
However, in the case of salary taxpayers, the following need to be considered:
Exemptions:
- HRA = As per applicable criteria (maximum 50% of basic or HRA received).
- Conveyance = Maximum Rs. 19,200
- Medical = Maximum Rs. 15,000
Deductions:
- Under Section 80C = Up to Rs. 1.50 L (common deduction, applicable to all)
- NPS = Rs. 50K
- Other deductions = As applicable
The calculation of the tax slab is made after adjusting the exemptions and deductions.
I hope I have clarified your points. If you have any specific queries, please share them so that fellow members can provide clarification.
From India, Delhi
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The calculation on income tax is very vast. It can be both simple and complex, depending on the scenario and applicable conditions.
In simple terms, the present income tax slab for the financial year is as follows:
Income up to Rs. 3.00 L = NIL (Tax-Free Income)
Note: Tax-free income is applicable only if it is up to Rs. 3.00 L. If it exceeds this amount, revised rates will be applicable as per below:
Income more than 3.00 L and up to 5.00 L = @ 5% from Rs. 2.50 L to 5.00 L (Rs. 12,500/-).
Income from 5 L to 10 L = @ 20% (Rs. 1.00 L)
Income more than 10 L = @ 30%
Cess on tax is extra (as applicable).
In the current year, the 10% tax slab is not applicable. Also, note that while calculating income for tax purposes, different kinds of exemptions and deductions apply to different types of taxpayers.
However, in the case of salary taxpayers, the following need to be considered:
Exemptions:
- HRA = As per applicable criteria (maximum 50% of basic or HRA received).
- Conveyance = Maximum Rs. 19,200
- Medical = Maximum Rs. 15,000
Deductions:
- Under Section 80C = Up to Rs. 1.50 L (common deduction, applicable to all)
- NPS = Rs. 50K
- Other deductions = As applicable
The calculation of the tax slab is made after adjusting the exemptions and deductions.
I hope I have clarified your points. If you have any specific queries, please share them so that fellow members can provide clarification.
From India, Delhi
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SALARY CALCULATOR & INCOME TAX.zip
EMPLOYEE SALARY INCOME TAX CALCULATION.xls x