How much tax do I pay on 8 LPA?
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How much tax do I pay on 8 LPA?
If an individual has a salary of Rs 8 lakh per annum, and he/she has opted for a new income tax slab regime, then an income tax will be Rs 46,800. It is calculated without any exemptions and deductions.
How much tax do I pay on 10 LPA?
Tax rate for individuals (below 60 years) and HUFs:
| Tax Slabs | Tax Rates |
|---|---|
| Income up to Rs.2.5 lakhs | NIL |
| Income between Rs.2.5 lakhs and Rs.5 lakhs | 10\% of amount exceeding Rs.2.5 lakhs |
| Income between Rs.5 lakhs to Rs.10 lakhs | 20\% of amount exceeding Rs.5 lakhs |
| Income above Rs.10 lakhs | 30\% of amount exceeding Rs.10 lakhs |
Is 8.5 LPA good salary for freshers?
9 LPA for a fresher from a tier 3 college is really good. Most of the top companies who offer more than 15 lpa as salary, have joining bonus and stock options.
What is LPA in salary terms for lakh per annum?
LPA in salary terms for Lakh Per Annum. Or you can also tell that the aggregate amount paid by the organization over the duration of 12 month or 1 year. If you get paid Rs60000 per month then your LPA will be 12*60000=720000 rupees.
What is the full form of LPA?
LPA IS LAKHS PER ANNUM. It stands for Lakhs* per Annum. In India, employee in a company is offered annual remuneration, this remuneration cost is defined as Cost to Company (CTC), which is mostly the maximum amount a company is going to spend on the employee directly or indirectly for that year.
What is the income limit for full tax rebate under 87A?
As per budget 2019–20, if your net taxable income is less than INR 5 lakh, you can avail a full tax rebate u/s 87A. However, if net taxable income is more than INR 5 Lakh, you are not eligible for the rebate. This is because there is no change in the slab rate.
What is the income tax liability of 20\% of 3lacs?
Simple calculation is 8–5=3 ,20\% of 3 lacs is 60K, so 60k is your income tax liability. But if yiu have savings under different section, still you can save more on income tax liability.