How Much Tax Do I Pay On 10 Lakhs?

How much tax should I pay for 7 lakhs?

A 10 per cent tax will be charged on income between Rs 5 and 7.5 lakh, 15 per cent, 20 per cent and 25 per cent on next Rs 2.5 lakh each and 30 per cent on income above Rs 15 lakh.” Currently, annual income up to Rs 2.5 lakh is exempt from income tax..

How can I save tax on 15 lakhs?

If you invest up to 1.5 lakh: If you have invested in Public Provident Fund, Employees Provident Fund, Sukanya Samriddhi Scheme, life insurance or health insurance premium, tax-saving fixed deposits from banks or post offices or any other provisions that allow tax exemption to the tune of Rs 1.5 lakh, you would still …

How do u calculate tax?

Following are the steps to use the tax calculator:Choose the financial year for which you want your taxes to be calculated.Select your age accordingly. … Click on ‘Go to Next Step’Enter your taxable salary i.e. salary after deducting various exemptions such as HRA, LTA, standard deduction, and so on. (More items…

What is the tax on 9 lakhs?

5. What is the tax on 9 lakhs? If your taxable income is Rs 9 lakh per annum, you will fall into the tax slab of Rs 7.5 lakhs-10 lakhs. As per the new Tax rate post the budget 2020, 15% of your taxable income is liable for a tax deduction.

What tax will I pay on 5 lakhs?

SynopsisIncomeTax liabilityUp to Rs 2.5 lakh0Between Rs 2.5 lakh and Rs 5 lakh5% of Rs 2.5 lakh = Rs 12,500Income above Rs 5 lakh (Rs 10,000)20% of Rs 10,000 = Rs 2000Total tax liabilityRs 14,5001 more row•Feb 28, 2020

How much tax do I pay on 15 lakhs?

Also ReadTaxable Income Slab (In Rupees)Existing Tax RatesNew Tax Rates7.5-10 lakh20%15%10-12.5 lakh30%20%12.5-15 lakh30%25%Above 15 lakh30%30%4 more rows•Feb 3, 2020

What is the tax on 10 lakhs?

For income between Rs 5 lakh and Rs 10 lakh, the current slab is 20 per cent and for income above Rs 10 lakh the income tax slab is 30 per cent. As per the new tax slabs, individuals earning Rs 5 lakh to Rs 7.5 lakh will be taxed at 10 per cent and those from Rs 7.5 lakh to Rs 10 lakh would be levied 15 per cent.

How can I save my tax on 10 lakhs?

If you make right investments utilising several tax saving clauses under the Income Tax Act, you can save yourself from paying tax on your income up to Rs 10 lakh as per the new relaxations announced in Budget 2019, claim tax experts. Here’s how can do it? First, claim your revised standard deduction of Rs 50,000.

What is the tax on 5 crore?

Maximum marginal rate is the highest rate of tax at any income level. This means for those with incomes between Rs 2 crore and Rs 5 crore, 39% will be the highest applicable tax rate, and for those with incomes above Rs 5 crore, it will be 42.74% — the highest tax rate since 1992.

How much tax does Salman Khan pay?

The Bollywood actor Salman Khan ranked as the highest known tax payer across India in 2017, with advanced tax payments of 445 million Indian rupees. Akshay Kumar followed suite with tax payments worth 295 million rupees that year.

What is the tax on 10 crore?

Assessment Year 2021-22Range of IncomeRs. 50 Lakhs to Rs. 1 CroreRs. 1 Crore to Rs. 2 CroresExceeding Rs. 10 Crores10%15%37%

How can I save tax on 20 lakhs?

Tax DeductionsSection 80C Exemption – 1,50,000.NPS 80CCD(1B) Tax Exemption – 50,000.Medical Insurance (Self & Parents) – 60,000.Interest on Education Loan – 50,000.

What is the interest rate of 1 crore rupees?

As of now, the interest rate on Rs 1 crore fixed deposit range from 6.0% to 7.5% for most large banks (senior citizens get extra, generally additional 0.5% in fixed deposits in all banks).

What is the tax for 1 lakh?

Taxpayers and Income Tax SlabsIncome RangeTax rateTax to be paidUp to Rs.2,50,0000No taxBetween Rs 2.5 lakhs and Rs 5 lakhs5%5% of your taxable incomeBetween Rs 5 lakhs and Rs 10 lakhs20%Rs 12,500+ 20% of income above Rs 5 lakhsAbove 10 lakhs30%Rs 1,12,500+ 30% of income above Rs 10 lakhs5 days ago

Is 5 lakhs a good salary in India?

If you talking about 5 lakhs per month, then definitely a handsome salary but if you are talking abou 5 lake per annum then also it is decent salary for start. Various factors are involved in it like your place of living, your standard of living, family size, your expenditures, your investments, your savings etc.