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Tax Deduction Upto 5 Lakhs
Tax Deduction Upto 5 Lakhs -
No tax is needed to be paid by an individual earning an annual income of Rs 5 lakhs As per the announcements made under the Union Budget 2023 if an employee is earning
Tax rate Tax in Up to 2 5 lakhs Nil Nil Nil 2 5 5 lakh 250 000 5 12 500 5 10 lakh 5 00 000 20 1 00 000 Above 10 lakh 3 90 000 30 1 17 000 Total Tax A 2 29 500 Health and education cess B
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Reality Of No Income Tax Upto 5 Lakhs Here Is The Truth About Budget
Reality Of No Income Tax Upto 5 Lakhs Here Is The Truth About Budget
However in the case of a new tax regime the tax rebate has been increased to Rs 25 000 if the taxable income is less than Rs 7 00 000 and continues to be
5 lakhs 7 lakhs Standard Deduction 50 000 50 000 Effective Tax Free Salary income 5 5 lakhs 5 lakhs 7 5 lakhs Rebate u s 87A 12 500 12 500 25 000
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How Much Income Tax Upto 5 Lakhs what Is Rebate Income Tax sec 87A
How Much Income Tax Upto 5 Lakhs what Is Rebate Income Tax sec 87A
1 INCOME DETAILS 2 DEDUCTIONS 3 SUMMARY 4 Basic Details What is Your Current Age Below 60 years 60 to 80 years 80 years above Do you live in a metro
However you can also get a rebate of Rs 2 500 under section 87A if you have a total income of up to Rs 3 5 lacs for FY 2018 19 From FY 2019 20 onwards the rebate has been increased to Rs 12 500 for an income up
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Tax rate Tax in Up to 2 5 lakhs Nil Nil Nil 2 5 5 lakh 250 000 5 12 500 5 10 lakh 5 00 000 20 1 00 000 Above 10 lakh 3 90 000 30 1 17 000 Total Tax A 2 29 500 Health and education cess B
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Any individual having net taxable income not exceeding Rs 5 lakh for FY 2022 23 AY 2023 24 irrespective if they have selected the old or new tax regime gets
Tax rate Tax in Up to 2 5 lakhs Nil Nil Nil 2 5 5 lakh 250 000 5 12 500 5 10 lakh 5 00 000 20 1 00 000 Above 10 lakh 3 90 000 30 1 17 000 Total Tax A 2 29 500 Health and education cess B
Any individual having net taxable income not exceeding Rs 5 lakh for FY 2022 23 AY 2023 24 irrespective if they have selected the old or new tax regime gets
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