Verify Your Revenue Tax Legal responsibility
Use the calculator under to verify your revenue tax legal responsibility
In her Price range for 2020-21, offered on 1 February 2020, Finance Minister Nirmala Sitharaman proposed a brand new private tax regime, below which people incomes as much as Rs 15 lakh in a yr and below varied sections of the IT Act There can be an choice to forgo the deduction offered. Be capable of pay revenue tax at decrease charges.
The Finance Minister introduced that people with an annual revenue between Rs 5 lakh to Rs 7.5 lakh would pay 10% tax, and people with an revenue between Rs 7.5 lakh to Rs 10 lakh would pay 15% tax. Below the previous regime, with deductions, these people pay 20% revenue tax.
Equally, these incomes Rs 10 lakh to Rs 12.5 lakh are paid 20 per cent, and people incomes Rs 12.5 lakh to Rs 15 lakh are paid 25 per cent – as towards 30 per cent earlier.
use it enterprise customary Tax calculator powered by Ladder 7 to learn the way a lot you would need to pay as revenue tax below the previous regime (with exemptions) and the brand new regime (with out exemptions).
Revenue tax The calculator
- Gross Annual Revenue Excluding Reimbursement
- The usual deduction below part 16 is fastened at Rs 40,000
- Exemption obtainable below part 10A for hours not included
- Part 80C: LIC premium, ULIP, and many others. (as much as Rs 1.5 lakh)
- Part 80D: Medical insurance coverage premium (as much as Rs 25,000, assuming deduction for self and eligible dependent youngsters)
- Part 24: Curiosity portion of dwelling mortgage (as much as Rs 2 lakh)
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