What is the tax deduction for 8 lakhs?
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What is the tax deduction for 8 lakhs?
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. An individual can save Rs 28,600 more as compared to an old tax regime.
How much tax should I pay for 6.5 lakhs?
Assessing your Tax Slab 6.5 LPA would fall under the tax slab of 10\%. This flat tax rate is far lower than the tax slab that your salary of 6.5 LPA would fall under with the existing tax regime – 20\%.
How much tax do I pay on 7.5 lakhs salary?
The finance minister announced that individuals with an annual income between Rs 5 lakh and Rs 7.5 lakh would pay 10\% tax, and those earning Rs 7.5 lakh to Rs 10 lakh 15\%. Under the old regime, with deductions, these individuals pay 20\% income tax.
How much income tax is deducted from salary?
How to calculate TDS on Salary?
| Income Tax Slab | TDS Deductions | Tax Payable |
|---|---|---|
| Up to Rs.2.5 lakhs | NIL | NIL |
| Rs.2.5 lakhs to Rs.5 lakhs | 5\% of (Rs.5,00,000-Rs.2,50,000) | Rs.12,500 |
| Rs.5 lakhs to Rs. 6.33 lakhs | 20\% of (Rs.6,33,000-Rs.5,00,000) | Rs.26,600 |
How much tax do I pay if I make 40K a year?
Starting with your salary of $40,000, your standard deduction of $12,400 is deducted (the personal exemption of $4,050 is eliminated for 2018–2025). This makes your total taxable income amount $27,600. Given that the first tax bracket is 10\%, you will pay 10\% tax on $9,875 of your income. This comes to $987.50.
How much tax do I pay on a 27800 income?
Given that the first tax bracket is 10\%, you will pay 10\% tax on $9,700 of your income. This comes to $970. Given that the second tax bracket is 12\%, once we have taken the previously taxes $9,700 away from $27,800 we are left with a total taxable amount of $18,100.
What is standard deduction in income tax 2018-19?
In order to provide relief to salaried taxpayers, standard deduction has been reintroduced w.e.f. financial year 2018-19. While computing the income chargeable under the head “salary” besides other deductions, a deduction of RS 40000 or the amount of the salary, whichever is less will be allowed.
How much does my employer pay in taxes?
Your employer pays FICA tax, with is $3,060 (the addition of both your Social Security costs and your Medicare costs). The total federal tax that you would pay is $6,229.50 (equal to your income tax, on top of your Medicare and Social Security costs).