How much tax should I pay for 12 lakhs salary?
12 lakhs, they will be paying a 30\% tax on Rs. 12 lakhs i.e Rs. 3,60,000.
How much tax do I pay on 12 lakhs Quora?
If you are earning Rs 12 lakhs annually, you will be paying Income Tax about Rs 2 Lakhs. In addition to same, if there is lower TDS Interest will be payable if Advance Taxes are not paid. Please note, in case of Business Income, your net profit after expenses is taxable.
What is the tax for 11 lakhs per annum?
Income Tax Slabs for individuals below 60 years – Old and New Tax Regimes
| Income Tax Slab | ||
|---|---|---|
| New | Income | Old |
| 15\% | Rs. 7.5 lakhs to Rs. 10 lakhs | 20\% |
| 20\% | Rs. 10 lakhs to Rs. 12.5 lakhs | 30\% |
| 25\% | Rs. 12.5 lakhs to Rs. 15 lakhs | 30\% |
What is the in hand salary if CTC is 12 lakh?
Cost to company (CTC) is a term for the total salary package of an employee….General Comparison Chart For Approximate Understanding by Ck.
| Band | CTC (Yearly) | In Hand Salary |
|---|---|---|
| A | 20 lakh | 1,15,000 per month |
| B | 15 lakh | 95,000 per month |
| C | 12 lakh | 82,000 per month |
| C | 10 lakh | 63,000 per month |
Is 12 lakhs per annum a good salary?
Statistically, if you are earning Rs 12.77 lakh per annum in India, you are at least rich, if not super rich by your own definition of the term. The per household annual income derived from this would be Rs 3.65 lakh. Three-and-half times this number means Rs 12.77 lakh.
How much tax should I pay for 10 lakhs?
Tax rate for individuals (below 60 years) and HUFs:
| Tax Slabs | Tax Rates |
|---|---|
| Income up to Rs.2.5 lakhs | NIL |
| Income between Rs.2.5 lakhs and Rs.5 lakhs | 10\% of amount exceeding Rs.2.5 lakhs |
| Income between Rs.5 lakhs to Rs.10 lakhs | 20\% of amount exceeding Rs.5 lakhs |
| Income above Rs.10 lakhs | 30\% of amount exceeding Rs.10 lakhs |
How much tax do I pay on 13 LPA?
While individuals with an annual salary income of Rs 13 lakh and above will pay Rs 1.43 lakh tax under the proposed tax structure; in the old regime, they would have paid a tax of Rs 1.48 lakh, thereby saving Rs 5,200, a source said.
What is the meaning of 12 LPA?
Lakhs Per Annum (LPA) is a unit of Cost to Company (CTC) in India.
How much is the new tax surcharge on income tax in India?
Taxpayers with income between Rs 50 lakh and Rs 1 crore continue to pay 10\% surcharge, between Rs 1 crore and Rs 2 crore pay 15\%, between Rs 2 crore and Rs 5 crore pay 25\% and those with income over Rs 5 crore pay 37\%. So those earning just below these limits will not benefit if they forego the exemptions and move to the new regime.
What is the standard deduction for income tax in India 2019?
Further, budget 2018 also introduced the concept of standard deduction of INR 40,000, which has been again increased in budget 2019 to Rs 50,000. This tax exemption will not be available in case you are opting for the new tax regime.
What is the standard deduction of Rs 40000?
While computing the income chargeable under the head “salary” besides other deductions, a deduction of RS 40000 or the amount of the salary, whichever is less will be allowed. The benefit of Transport allowance and medical reimbursement is withdrawn from FY 2018-19 and a flat benefit of Rs 40000/- as standard deduction is allowed to all employees
How much is the total tax on HRA in India?
Still, let me hazard a guess. Let’s give another 3,00,000 to HRA, transport, and other exemptions. Total tax should be around 96,000 including cess. or 8000 Rs. per month. , Wanderer!