Number of Times This Calculator Has Been Used 6119
Under the new Tax Regime, below are the tax slabs-
|Income Slab||Tax Rate|
|From Rs.2,50,001 to Rs.5,00,000||5% + Cess (Rs.12,500 rebate will be available to individuals who have an income of up to Rs.5 lakh under Section 87A of the Income Tax Act, 1961)|
|From Rs.5,00,001 to Rs.7,50,000||12,500 + 10% of (Taxable income - Rs.5 lakh) + Cess|
|From Rs.7,50,001 to Rs.10,00,000||37,500 + 15% of (Taxable income - Rs.7.5 lakh) + Cess|
|From Rs.10,00,001 to Rs.12,50,000||75,000 + 20% of (Taxable income - Rs.10 lakh) + Cess|
|From Rs.12,50,001 to Rs.15,00,000||1,25,000 + 25% of (Taxable income - Rs.12.5 lakh) + Cess|
|From Rs 15 lakh and above||1,87,500 + 30% of (Taxable income - Rs.15 lakh) + Cess|
Cess: 4% of taxable income.
Basic salary for metro cities is generally 40% of total fixed CTC and that of non metro cities is 40%. These are indicative numbers and actually percentages can vary organizaton to organization
Employer's contribution is 12% of annual basic salary.On top of this you can voluntarily have funds deducted from your salary (this is called voluntary provident fund, VPF).An employee can contribute upto 100% of basic salary and dearness allowance(if applicable) in the form of VPF.
You can get tax relief on the interest on home loan upto INR 2 lacs. This is only applicable for home which is fully constructed and not the ones underconstruction.Moreover you can get tax relief on the principal amout paid through EMIs upto 1.5 lacs but this is also applicable in case it is a fully constructed house that you are in possession of .But to claim this deduction, the house property should not be sold within 5 years of possession. Otherwise, the deduction claimed earlier will be added back to your income in the year of sale