What is the tax for 15 lakhs in India?

Total Income per annum Tax Rates
Above Rs. 7.50 lakh up to Rs. 10 lakh 15%
Above Rs. 10 lakh up to Rs. 12.50 lakh 20%
Above 12.50 lakh up to Rs. 15 lakh 25%
Above 15 lakh 30%

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 on 15 lakhs?

If you invest up to 1.5 lakh: If you have invested in Public Provident Fund, Employees Provident Fund, Sukanya Samriddhi Scheme, life insurance or health insurance premium, tax-saving fixed deposits from banks or post offices or any other provisions that allow tax exemption to the tune of Rs 1.5 lakh, you would still …

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Is 15 lakhs a good salary in India?

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 much tax do I pay on 10 lakhs?

So, even if you are in the highest slab rate of 30% because your income is more than ₹ 10 lakh a year, you pay the 30% tax only on the amount above ₹ 10 lakh while other slab rates apply for different levels of income.

How much tax should I pay for 7 lakhs?

New income tax slabs for individuals for FY 2020-21

Income Tax Slab Tax Rate
From Rs.5,00,001 to Rs.7,50,000 10% of the total income that is more than Rs.5 lakh + 4% cess
From Rs.7,50,001 to Rs.10,00,000 15% of the total income that is more than Rs.7.5 lakh + 4% cess

How can I save tax on 20 lakhs?

But the good news is you can still manage to pay Zero (NIL) income tax on salary of up to Rs 20 lakhs (Salary here means cost to company).

Tax Deductions

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

Is 17 lakhs a good salary in India?

This salary range of Rs. 17 LPA for seven years of experience is really much above the median level salary and is good, for someone working in IT services companies. For similar profiles working in product companies it can be even higher in the range of 3–4 times your experience range.

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How much tax do I pay on 25 lakhs?

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%.

How can I save tax if I earn 10 lakh?

The tax slab of 20% is applicable for an annual income between Rs 5 lakh and Rs 10 lakh, while the 30% tax slab is applicable for those individuals earning above Rs 10 lakh. You must also remember that an additional 4% health and education cess is also payable.

Which job has highest salary in India?

List of Highest Paying Jobs In India

  • Business Management. Business Management or Business analysts are the highest paying jobs in India. …
  • Doctors. …
  • Air Hostess Or Cabin Crew. …
  • Chartered Accountants. …
  • Commercial Pilot. …
  • Aeronautical engineer. …
  • Actor. …
  • Company Secretary.

What salary is considered rich in India?

According to Hurun, there are 412,000 dollar-millionaire households / affluent households in India with a networth of at least Rs 7 crore. Hurun Rich Listers have a wealth of Rs 1,000 crore, the report says, and pegs the number of such cumulative households in India at 3,000.

Who is highest salary in India?

Take a look at the top 10 highest paying jobs in India (in no particular order) as of 2021.

  • Data Science. …
  • Digital Marketing. …
  • Medical Professionals. …
  • Machine Learning Experts. …
  • Blockchain Developers. …
  • Software Engineers. …
  • Chartered Accountant. …
  • Lawers.
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How much tax do I pay on 10 lakhs in India?

Tax Rate for Individual Taxpayers for FY 2020-21 (AY 2021-22)

Tax Slab Old Rates New Rates
Income from 2.5 Lakh – 5 Lakh 5% 5%
Income from 5 Lakh – 7.5 Lakh 20% 10%
Income from 7.5 Lakh – 10 Lakh 20% 15%
Income from 10 Lakh – 12.5 Lakh 30% 20%

What is the tax on 5 lakhs?

People are generally under the impression that in case their income does not exceed the magic number of ₹5 lakh, he does not have to pay any tax. This is because for normal income the tax rate between 2.50 lakhs and 5 lakhs is 5% and the tax liability at 5% on 2.50 lakhs comes to exactly 12,500.

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