What is exempt income from tax in India
Income Exempt from Tax as Per Section 10
| Section | Exemptions |
|---|---|
| Section 10(24) | Income earned by authorised trade unions |
| Section 10(25) | Income earned via provident funds and superannuation funds |
| Section 10(25A) | Income earned via Employee's State Insurance Fund |
| Section 10(26), 10(26A) | Income earned by Schedule Tribe Members |
What is the tax free amount in India
The exemption limit of income tax is up to ₹ 2.5 lakh for all individuals, HUF and individuals below 60 years and NRIs for FY 2023-24. An additional 4% health and education cess is applicable on the tax amount.
What is the exemption limit under new tax regime
Latest update: Budget 2023 changes under new tax regime
The tax exemption limit of Rs.2.5 lakh has increased to Rs.3 lakh under the new tax regime and tax slabs have been recalibrated under the new tax regime as follows: Up to Rs.3 lakh: Nil. Rs.3 lakh-Rs.6 lakh: 5% Rs.6 lakh-Rs.9 lakh: 10%
What is the tax exemption limit for females in India
Income Tax Slabs
| Income range | Income tax rate |
|---|---|
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,000 to Rs. 5,00,000 | 5% on income exceeding Rs. 2,50,000 |
| Rs. 5,00,000 to Rs. 7,50,000 | Rs. 12,500 + 10% of income exceeding Rs. 5,00,000 |
| Rs. 7,50,000 to Rs. 10,00,000 | Rs. 37,500 + 15% of the income exceeding Rs. 7,50,000 |
What is 80C tax exemption
Section 80C permits certain investments and expenses to be tax-exempted. By well-planning the investments that are spread diversely across various options like NSC, ULIP, PPF, etc., an individual can claim deductions up to Rs 1,50,000. By taking tax benefits under 80c, one can avail of a reduction in tax burden.
How can I avoid tax in India
How to save taxPublic Provident Fund.National Pension Scheme.Premium Paid for Life Insurance policy.National Savings Certificate.Equity Linked Savings Scheme.Home loan's principal amount.Fixed deposit for five years.Sukanya Samariddhi account.
How much income is tax free in India 2023
Income Tax Slab for FY 2023-24 (AY 2024-25)
| Tax Slab | Rates |
|---|---|
| Up to Rs. 3,00,000 | NIL |
| Rs. 300,000 to Rs. 6,00,000 | 5% on income which exceeds Rs 3,00,000 |
| Rs. 6,00,000 to Rs. 900,000 | Rs 15,000 + 10% on income more than Rs 6,00,000 |
| Rs. 9,00,000 to Rs. 12,00,000 | Rs 45,000 + 15% on income more than Rs 9,00,000 |
What is 80U under new tax regime
What is the amount of deduction under section 80U The amount of deduction available to a disabled individual is Rs 75,000. In the case of 80% disability, the deduction is Rs 1,25,000.
What is 80 C in income tax
Section 80C provides deductions on various investments up to ₹ 1.5 lakh per year from your taxable income. In comparison, Section 80CCC provides a deduction of up to ₹ 1.5 lakh per annum for the contribution made by an individual towards specified pension funds.
Who is eligible for tax exemption in India
Fully Exempt Incomes
| Section | Type of Income |
|---|---|
| 10 (19) | Pension received by the family of armed forces personnel |
| 10 (23D) | Income from tax-free mutual funds |
| 10 (26) | Income earned in the states of the North East or Ladakh by members of scheduled tribes |
| 10 (26A) | Income earned by a resident or Ladakh in Ladakh or outside India |
What is the tax rate for 24 lakhs salary in India
What are the income tax rates
| Tax Slabs | Tax Rates |
|---|---|
| Income up to Rs.3 lakhs | NIL |
| Income between Rs.3 lakhs and Rs.5 lakhs | 10% of amount exceeding Rs.3 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 |
Can we declare more than 1.5 lakh in 80C
Section 80C of the Income Tax Act of India is a clause that points to various expenditures and investments that are exempted from Income Tax. It allows for a maximum deduction of up to Rs 1.5 lakh every year from an investor's total taxable income.
What is 80D deduction
Section 80D offers tax deductions on health insurance premiums of up to a maximum limit of ₹ 25,000 in a financial year. You can claim deductions for a policy bought for yourself, your spouse and your dependent children.
Who should not pay tax in India
Further you are not required to any Income-tax if your total income doesn't exceed Rs. 5,00,000. This is done by providing tax rebate of upto Rs. 12,500 in case of small taxpayers earning income upto Rs. 5,00,000.
How can I save tax in India if my income is above 20 lakhs
There are various ways to save tax for those earning above ₹20 lakhs, including investing in tax-saving mutual funds, PPF, NPS, health insurance, donations to charity, home loan, rent paid, education loan, and offsetting expenses incurred on generating income from investments.
How much tax do I have to pay in India for 1 crore
| Range of Income | ||
|---|---|---|
| Rs. 50 Lakhs to Rs. 1 Crore | Rs. 1 Crore to Rs. 2 Crores | Exceeding Rs. 2 crores |
| 10% | 15% | 25% |
What is the difference between 80d and 80U
Section 80DD provides tax deductions to the family members and the kin of the taxpayer with a disability, whereas Section 80U provides deductions to the individual taxpayer with a disability himself.
What is 80C to 80U
Section 80C: This section provides a deduction of up to Rs. 1.5 lakh for investments in specified instruments such as EPF, PPF, NSC, ELSS, tax-saving fixed deposits, etc. 1) Premium paid for life insurance policy Premium paid on insurance policies of self, spouse, or child (minor or major).
What is 80 C and 80D
Popular instruments like EPF, ELSS, ULIP, NPS, etc. are deductible under Section 80C. However, Section 80C has a cap of only Rs. 1.5 lakh for deductions. Section 80D, on the other hand, provides a deduction on insurance policies up to a certain limit.
How much can I claim in 80 C
₹ 1.5 lakh
You can claim a maximum deduction of up to ₹ 1.5 lakh from your total income under Section 80C.
Is mobile allowance taxable in India
Other allowances such as telephone allowance, holiday allowance, interim allowance, etc. received by the employees are fully taxable as per the Income Tax Act.
How much tax will I pay if my salary is 1000000 in India
If you make ₹ 1,000,000 a year living in India, you will be taxed ₹ 238,335. That means that your net pay will be ₹ 761,665 per year, or ₹ 63,472 per month. Your average tax rate is 23.8% and your marginal tax rate is 36.8%.
What is the tax for 60 lakhs in India
What are the income tax rates
| 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 |
What if income is more than 2.5 lakhs
This means individuals earning up to Rs 2.5 lakh/year do not have to pay any taxes. Though taxable income up to Rs 5 lakh is also practically tax-free due to the rebate provided by Section 87A, income above Rs 5 lakh increases the tax liability of the individual taxpayer.
Is PPF tax free
Deposits to a PPF account are exempted from the taxation up to a maximum of Rs. 1.5 lakh in a FY under Section 80C of the Income Tax Act, 1961. The second exemption is on the interest earned from your PPF deposits. So, if you are wondering if PPF interest is taxable or not, the answer is no, it is tax exempt.
