Web* As per Section 87A of the Income Tax Act, 1961, individuals having taxable income of up to Rs.5 lakh will be able to avail a rebate of Rs.12500 or 100% of income tax amount, … WebSurcharge is an additional charge levied for persons earning Income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates 10% - …
10 Best Tips to Save Income Tax on Salary in FY 2024-23
Webu/s 16 (iii) Professional Tax**. (2500) Income under the Head Salary. 34900. Note: *Entertainment Allowance: This is only allowed for Government Employees. … WebApr 12, 2024 · Up to Rs7 lakh of taxable income, the income would be totally exempt from tax. Therefore, if you are a salaried individual or a pensioner, you have Rs7.50 lakhs of tax-free income since there is the added benefit of Rs50,000 standard deduction. • Effectively, how much would a person earning Rs10 lakh after standard deduction be paying as tax. how many people died from krakatoa eruption
How to Calculate Income Tax on Salary with example - ET Money …
WebApr 12, 2024 · 2. How to Calculate Income Tax on Salary with an Example. Your salary is inclusive of Transport Allowance, Special Allowance, House Rent Allowance (HRA), and Basic Salary. In the old regime, certain salary components such as leave travel allowance, telephone bill reimbursement, and a part of the HRA were exempt from tax.However, if … Webu/s 16 (iii) Professional Tax**. (2500) Income under the Head Salary. 34900. Note: *Entertainment Allowance: This is only allowed for Government Employees. **Professional Tax: Directly reduce if paid by the employee. In case employer pays it, then it is first added to salary and then deducted. Allowances: The income from salary includes various ... WebApr 12, 2024 · Tax Saving Fixed Deposits ( FD ): This FD scheme is for a tenure of 5 years and provides tax deduction of up to Rs.1.5 lakh. The rate of interest ranges between 7.00% to 8.00%, which is taxable. National Saving Certificate ( NSC ): This scheme is for a tenure of 5 years and offers a 6.80% rate of interest. how can i hack someones facebook