What does 12 LPA mean in salary?
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What does 12 LPA mean in salary?
The full form of LPA is Lakhs Per Annum.
How is hand salary calculated from package?
In-Hand Salary = Monthly Gross Income – Income Tax – Employee PF – Other Deductions if any.
Does HRA come hand?
Gift amounts received from any close relative are not taxable in the hand of either the donor or the donee.
How much tax do I pay on 12 lakhs in India?
New income tax slabs for individuals for FY 2020-21
| Income Tax Slab | Tax Rate |
|---|---|
| From Rs.10,00,001 to Rs.12,50,000 | 20\% of the total income that is more than Rs.10 lakh + 4\% cess |
| From Rs.12,50,001 to Rs.15,00,000 | 25\% of the total income that is more than Rs.12.5 lakh + 4\% cess |
How can I save tax on my salary under 12 lakhs?
That’s Great! What are the Tax Saving Options u/s 80(C)?
- Investments in PPF (Public Provident Fund)
- Investments in EPF (Employee Provident Fund)
- Investments in ELSS funds (Equity-Linked Savings Scheme)
- Investments in NSC (National Savings Certificates)
- Payment of premiums against Life Insurance Policies.
Is 12 LPA good enough to make your life Awesome?
You can fund education for a poor kid for an entire year without worrying how much it hurts your pocket. You can feed a homeless man. However 12 LPA isn’t enough to make you happy. No amount of money is “good” enough to make your life awesome.
How many LPA did friend 1 get After leaving the company?
After 2 months, Friend 1 got a few offers, out of which 10 LPA was the highest. He decided to move out and left the firm. Friend 2 also got promoted and his salary got increased to 5 LPA. He decided to stay there for 1 more year. Friend 1- Bro, I am switching the job.
What is the income tax slab of 12 5 lakhs?
You will fall under tax slab where gross salary is more than 12.5 lakhs. As per new regime if your salary falls under (₹12,50,001 – ₹15,00,000). As per old regime if your salary exceeds ₹12,50,000.
What is the in-hand salary after deducting taxes?
After deducting taxes, we have 11,53,440 left and it will make your in hand salary. There can be professional tax which is 200 per month and also if you can declare investments and show HRA amount then less tax will be deducted. As of now the minimum salary which you can have will be 11,53,440/12= 96,120 per month.