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
2From India, Ahmedabad
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
From India, Vadodara
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
From India, Delhi
Dear NIRJAVB
The Calculation on Income Tax very vast. It can be very simple and complex as well (depend upon the scenario and applicable conditions).
In simple the present Income Tax Slab for the financial year is :-
Income Upto Rs. 3.00 L = NIL (Tax Free Income)
Note the Tax free Income is applicable only if it is upto Rs. 3.00 L, if it exceeds than revised rate will be applicable as per below
Income more than 3.00 L and upto 5.00 L = @ 5% from Rs. 2.50 L to 5.00 L (Rs. 12500/-).
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 10% Tax slab is not applicable. Also note while calculating Income for Tax calculation there are different kind of exemptions and deductions are applicable to different kind of tax payers.
However, in case of Salary Tax Payer, the following need to be considered:-
Exemptions:-
HRA = AS per applicable criteria (maximum 50% of basic or HRA recd.)
Conveyance = Maximum 19200
Medical = Maximum 15000
DeductionS:-
Under Section 80C = Upto Rs. 1.50 L (common deduction, applicable for all)
NPS = Rs. 50K
Other deductions = As applicable
The calculation of Tax slab is made after adjusting the exemptions and deductions.
Hope I have clarified your points. If any specific query, pls share the same so that fellow members can clarify.
From India, Delhi
The Calculation on Income Tax very vast. It can be very simple and complex as well (depend upon the scenario and applicable conditions).
In simple the present Income Tax Slab for the financial year is :-
Income Upto Rs. 3.00 L = NIL (Tax Free Income)
Note the Tax free Income is applicable only if it is upto Rs. 3.00 L, if it exceeds than revised rate will be applicable as per below
Income more than 3.00 L and upto 5.00 L = @ 5% from Rs. 2.50 L to 5.00 L (Rs. 12500/-).
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 10% Tax slab is not applicable. Also note while calculating Income for Tax calculation there are different kind of exemptions and deductions are applicable to different kind of tax payers.
However, in case of Salary Tax Payer, the following need to be considered:-
Exemptions:-
HRA = AS per applicable criteria (maximum 50% of basic or HRA recd.)
Conveyance = Maximum 19200
Medical = Maximum 15000
DeductionS:-
Under Section 80C = Upto Rs. 1.50 L (common deduction, applicable for all)
NPS = Rs. 50K
Other deductions = As applicable
The calculation of Tax slab is made after adjusting the exemptions and deductions.
Hope I have clarified your points. If any specific query, pls share the same so that fellow members can clarify.
From India, Delhi
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