Question: Is Income Tax Slab Increased To 5 Lakhs?

What is the income tax on a salary of Rs 5 lakhs per annum?

Those individuals earning between Rs 2.5 lakh and Rs 5 lakh will pay 5 per cent tax.

A 10 per cent tax will be charged on income between Rs 5 and 7.5 lakh, 15 per cent, 20 per cent and 25 per cent on next Rs 2.5 lakh each and 30 per cent on income above Rs 15 lakh.”.

What is the income tax slab for AY 2020 21?

Income tax slab rate applicable for New Tax regime – FY 2020-21.Income Tax SlabNew Regime Income Tax Slab Rates for FY 2020-21 (Applicable for All Individuals & HUF)Rs. 5.00 lakhs- Rs 7.5 Lakhs10%Rs 7.5 lakhs – Rs 10.00 Lakhs15%Rs 10.00 lakhs – Rs. 12.50 Lakhs20%Rs. 12.5 lakhs- Rs. 15.00 Lakhs25%4 more rows

How much tax should I pay for 6 lakhs?

Without Exemptions/Deductions, the tax calculator shows those earning Rs 6 lakh annual income will have to pay Rs 23400 as tax as per the new regime. The tax payable under the old regime without exemptions and deductions will be Rs 33,800. Thus the total tax benefit as per new regime would be Rs 10,400.

How much tax do I pay on 10 lakhs?

Income between Rs 7.5 lakh and Rs 10 lakh will be taxed at 15 per cent. Income between Rs 10 lakh and Rs 12.5 lakh will be taxed at 20 per cent. Income earning between Rs 12.5 lakh and Rs 15 lakh will be taxed at 25 per cent. Income above Rs 15 lakh will continue to be taxed at 30 per cent.

How can I save tax on 2020 21?

Tips for Saving Tax in FY 2020-21Invest in Equity-Linked Saving Scheme (ELSS)Invest in the National Pension Scheme.Invest in Sukanya Samriddhi Yojna.Know When to Opt for the New Tax Regime.

What tax will I pay on 5 lakhs?

IncomeTax liabilityUp to Rs 2.5 lakh0Between Rs 2.5 lakh and Rs 5 lakh5% of Rs 2.5 lakh = Rs 12,500Income above Rs 5 lakh (Rs 10,000)20% of Rs 10,000 = Rs 2000Total tax liabilityRs 14,5001 more row•Feb 28, 2020

How can I save tax if I earn 20 lakh?

Tax DeductionsSection 80C Exemption – 1,50,000.NPS 80CCD(1B) Tax Exemption – 50,000.Medical Insurance (Self & Parents) – 60,000.Interest on Education Loan – 50,000.

How do I calculate my taxable income?

How do I calculate taxable income?First step is to calculate your gross salary by adding all taxable components of salary- Basic Pay, Dearness Allowance, HRA, Special & other allowances.Once you get this amount, add the extra income of interests, rental on property, bonuses & income from other sources, if any.More items…

What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.

Can I file ITR for AY 2020/21 now?

The last date of income tax return (ITR) filing for FY 2019-20 (AY 2020-21) is extended to 10th January 2021. For tax audit and TP audit, the last due date is 15th february 2021. The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty.

Which amount is tax free?

Currently, income up to Rs 2.5 lakh for resident individuals (age below 60 years) is exempt from tax. Similarly, for senior citizens aged 60 years and above but below 80 years, income up to Rs 3 lakh is exempt from tax. Income up to Rs 5 lakh is exempt from tax for super senior citizens (age 80 years and above).