Step 4: Calculate your total tax liability In old tax regime, if your total taxable income is less than ₹5 lakhs, you will get a rebate of ₹12,500 under section 87A. For individuals whose total taxable income is above ₹5 lakhs, the tax rate discussed earlier would apply. If ...
Note:There is a common misconception that income tax is charged on the total income earned by an individual during a financial year. That is just not true. For example, if a person earns Rs 12 lakhs in a financial year, they will not be paying tax on Rs 12 lakhs. Instead, according ...
Mr. Toni, falling into the 2.5 lakhs – 5 lakhs income tax slab, experiences a calculated income tax of Rs. 4,030, with a rebate under Section 87A rendering his income tax liability null. Tax Saving Strategies for Different Income Groups Explore tax-saving calculations for various income bra...
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The first 2.5 lakhs of his income are tax-free. Post that, for every 2.5 lakhs he will be taxed at an incremental tax rate ranging from 5-25% as seen in the image below. The total tax payable will be: 12500(@5%) + 25000(@10%) + 37500 (@15%) + 50000(@20%) + 62500(@25%...
At Present, the rebate of tax is accessible for those individuals whose income is not over ₹5 lakhs. Notably, This rebate is available as per Section 87A. Let us discuss how this section works for you. What is the Provision Related to Section 87A of the Income Tax Act? Recalling ...
Income Tax Return filing is mandatory for Taxpayers whose income exceeds the prescribed income limit. ITR Filing process is regulated under the Income Tax Act 1961.
The govt of any country has various kinds of expenses like paying pension to govt employees, building roads and infrastructure, start various schemes for the citizens benefit etc etc. For all this, they need money and income tax is one of the ways for the govt to earn the money. ...
Understanding what tax regime would be beneficial for you varies from person to person based on what their income composition is and what investments are done. People with net taxable incomes of less than or equal to Rs. 5 lakhs qualify for a tax rebate under Section 87A, meaning they have...