Income tax on 8 lakhs salary 2022-23

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August undefined, 2024

WebFeb 16, 2024 · With the last date of completing tax-saving exercise fast approaching, many people having salary income of Rs 10 lakh are wondering how to save income tax in current financial year. Here is what salaried individuals can do to save income tax in current financial year 2024-23 (AY 2024-24). Read on to know more about it. WebFeb 3, 2024 · These were the income rates for 2024-23 under the new tax regime 1. Up to Rs 2.5 lakh income there is 0% or NIL tax 2. From Rs 2.5 lakh to Rs 5 lakh the tax rate is 5% 3. From Rs 5 lakh to Rs 7.5 lakh the tax rate is 10% 4. From Rs 7.5 lakh to Rs 10 lakh the tax rate is 15% 5. From Rs 10 lakh to Rs 12.5 lakh the tax rate is 20% 6.

How to Calculate Income Tax on Salary with Exampe For 2024-23

WebThe Union Budget 2024-24 has made significant changes in the new tax regime of Income Tax. In the new income tax regime, individuals earning up to INR 7 lakh annually will not pay any... WebApr 11, 2024 · Sec 194Q related query. Ataur Rehman (121 Points) 11 April 2024. sir my turnover exceeds 10 cr FY 2024-23. My supplier turnover also exceeds 10cr. I am liable to deduct TDS sec 194Q. I am purchase from goods my supplier Mr. X 75 lakhs preceding FY 2024-23. But opening balance on 1st April 2024 Mr X is 8 lakhs . small folding saucer chairs with cushions

Payroll in India: ₹ 0.00800k Salary Example 2024/24 iCal

WebIf 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 population (*) up to 10 lakhs : 7.5% of salary minus rent paid by employee. * Population as per 2001 census. WebDec 16, 2024 · As can be seen from the table above, after claiming the maximum deductions in the ITR, the total taxable income for the FY 2024-23 for a CTC of Rs. 20 lakhs comes to Rs. 4,50,000, which is exempted from tax payment under Section 87A of the Income Tax Act (falling in the tax bracket below Rs. 5,00,000). WebApr 10, 2024 · 3) If you have just 80C deduction of Rs 1.5 lakh then new tax regime might be better as back-of-the-envelope calculations show that for an individual who just avail a deduction of Rs 1.5 lakh ... songs from war horse

How to Save Income Tax in 2024-23 Tax Saving Guide - ET Money

Income tax on 8 lakhs salary 2022-23

income tax regime: New vs old income tax regime: Why you need …

WebApr 12, 2024 · House Bill 1375 lowers state income tax from 4.75% to 4.5% and raises standard deductions. There were two bills related to the franchise tax, but in particular, HB2695 would eliminate the franchise tax and is expected to decrease state revenues by over $55 million for 2024. HB1645 eliminates the state’s corporate income tax “throwback … WebApr 12, 2024 · The maximum amount eligible for deduction under Section 80CCD (1) is Rs. 1.5 lakh per annum. 9. Interest on Home Loan: An exemption is available for the interest paid on a home loan taken for the purchase or construction of a house property. The maximum amount eligible for exemption is limited to Rs. 2 lakh per annum.

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WebCess will be applicable at 4% on the income tax payable for FY 2024-23 and FY 2024-24. … Web1 day ago · 8. Marginal Relief: The rebate u/s 87A is available on taxable income of Rs 7 Lakhs.However, those earning even marginally higher than the threshold were required to pay tax on Rs 7 lakh slabs as well. 8.1 For instance, on a taxable income of Rs 7 lakh per annum, Mr. Bombe is not required to pay any income tax due to the full rebate.

WebFeb 22, 2024 · Click here to find out the best ways of reducing taxes on your salary and save a substantial amount of your hard-earned money! ... How To Save Income Tax in India 2024: 11 Ways To Reduce Taxable Income Feb 22 ... SCSS investments offering 7.4% returns are tax-deductible up to Rs. 1.5 lakh. SCSS is available only to those above 60 and has a ... WebApr 11, 2024 · Cases are prescribed by Income Tax Act when filling of ITR become. Menu. Income Tax. Articles; ... For example if Mr Sameer aged about 50 years earns salary income of Rs. 3,50,000 during the year and he also paid LIC premium of Rs. 1,25,000 during that year then his taxable income in this case will be Rs. 2,25,000 which is less than basic ...

WebMar 13, 2024 · Tax on 8 lakh income – If you earn a salary of ₹ 1 lakh or more in a year, … WebIncome Tax I AY 2024-23 I Income from Salary I Problems on Basic Pay I Hasham Ali …

WebApr 13, 2024 · The Finance Minister of India Nirmala Sitharaman during the Union Budget 2024 announced the new tax slabs under the new tax regime. For those earning up to Rs.3 lakh, no income tax is to be paid. Individuals earning above Rs.3 lakh and up to Rs.6 lakh, income tax of 5% will be charged.

WebApr 11, 2024 · Are you ready for the filing of ITR for FY 2024-22/AY 2024-23? The annual … songs from white christmasWebApr 11, 2024 · The reporting of vacancies on NCS in 2024-23 has shown an increase of … songs from witches of eastwickWebNet Taxable Income Income Liable to Tax at Normal Rate --- Short Term Capital Gains … songs from we will rock you musicalWebSection 87A – Income below Rs. 5 lakh is eligible for a tax rebate of up to Rs. 12,500. … songs from willy wonka musicalWebApr 11, 2024 · List of Deductions and Exemptions under Old Tax Regime. Investments under Section 80C up to Rs 1.5 lakh (Public Provident Fund, Equity Linked Savings Scheme (ELSS), Employee Provident Fund, Life ... songs from winnie the poohWebSep 21, 2024 · Section 80CCD (1B) of the Income Tax Act gives deductions of up to ₹50,000 for contributions towards these schemes. As a taxpayer, you can save up to ₹15,600 under this section. You can also claim tax benefits for premiums paid towards health insurance for self, spouse, children and parents and term insurance plans. songs from west side story musicalWebCheckout this Video to know about How to Save Income Tax on Salary in India FY 2024-22 AY 2024-23 Tax Planning for Salaried Personhow to save income tax on... songs from wonder park