Question: How can I save tax if I earn 15 lakh?

How much tax do I pay on 15 lakhs?

Frequently Asked Questions ( FAQ’s )

Income Slab Applicable Tax Rate
Above Rs 7.5 lakh and up to Rs 10 lakh 15%
Above Rs 10 lakh and up to Rs 12.5 lakh 20%
Above Rs 12.5 lakh and up to Rs 15 lakh 25%
Above Rs 15 lakh 30%

How can I save tax if I earn 20 lakh?

Tax Exempted Salary Components

  1. Meal Coupons.
  2. Car Maintenance.
  3. EPF (Contribution by Employer)
  4. NPS (Contribution by Employer)
  5. Gift voucher.
  6. Mobile Phone and the Internet Bill Reimbursement.
  7. Newspaper/Journal Allowance.
  8. Children Education/Hostel Allowance.

Is 15 lakh per annum a good salary?

2. Is 15 lakhs a good salary in India? Further, if you are fairly young and have no ailments, 15 lakhs per annum is considered a good salary by Indian standards.

How can I save tax if I earn 10 lakhs?

Tax exemptions can be availed by investing in the following tools:

  1. Senior Citizen Savings Scheme (SCSS)
  2. Sukanya Samriddhi Yojana (SSY)
  3. National Pension Scheme (NPS)
  4. Public Provident Fund (PPF)
  5. National Pension Scheme (NPS)
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Can I deposit 15 lakhs in my account?

Since there is a system of Annual Information Return being filed by banks, your cash deposit exceeding Rs. 10 Lakhs in a Savings account / exceeding Rs. … 2 lakhs is not allowed as per Section 269ST of the Income tax, which will land you in a penaly of Rs. 10 Lakhs.

What tax will I pay on 20 lakhs?

Assessing your Tax Slab

For a salary ranging between Rs 20 lakhs and Rs 25 lakhs, the applicable tax rate under the new tax regime would be the highest, that is 30%. Incidentally, this is the same tax slab that your salary would fall under according to the existing tax regime, that is 30%.

On which income tax is calculated?

1) How is income tax calculated? Income tax is calculated on the basis of applicable tax slab. Your taxable income is worked out after making relevant deductions, the resultant taxable income will be taxed at the slab rate that is applicable.

How much tax do I pay on 50 lakhs?

Surcharges on tax remain untouched. 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%.

Is 4.5 LPA a good salary?

Yes, it totally is. Being at the age of 22 and earning a salary of 4.5 LPA is just too good as a fresher. … It is just that the salary package is a number which makes us and our family proud of, age is relatively a number in proportion to the pay out when we know that we are going to work for the rest of our lives !

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What is in hand salary for 4 LPA?

4 Lakhs per annum, which makes it somewhere round 40,000 per month. However, when you receive the salary at the end of the month, you receive only Rs. 34,000 in your back account.

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Deductions/Take home salary Amount
Gross salary Rs. 1,14,000
Net Take home salary after deduction Rs. 1,06,800

What is in hand salary for 10 lakh package?

General Comparison Chart For Approximate Understanding by Ck

Band CTC (Yearly) In Hand Salary
C 12 lakh 82,000 per month
C 10 lakh 63,000 per month
D 8 lakh 55000 per month
E 6 lakh 40000 per month

How can I save my income tax 2020 21?

Tips for Saving Tax in FY 2020-21

  1. Invest in Equity-Linked Saving Scheme (ELSS)
  2. Invest in the National Pension Scheme.
  3. Invest in Sukanya Samriddhi Yojna.
  4. Know When to Opt for the New Tax Regime.

Is 12 lakhs a good salary?

The placements for candidates graduating the course ranges between 10 to 12 lakhs per annum which is a reasonably good starting salary. A bulk of the candidates join companies in a junior profile such as a Management trainee.