Knowing Your income tax slab will boost you in budgeting your income and plan your taxes. Income tax is paid on the taxable income after all the deductions and exceptions under various sections of Income Tax Act.
As per latest Interim budget , If a person with total taxable income below 5,00,000 is exempted from paying tax. He/She can claim rebate of Rs 12500/- under section 87 of Income Tax Act.
Here is Income slab and tax rates for people whose taxable income exceeds Rs 5,00,000/-
Tax Slab Table:
Apart from Income Tax slab surcharge has to be paid if income exceeds 50 Lakhs.
Surcharge:
* 10% surcharge on income tax if the total income exceeds Rs.50 Lakhs but below Rs.1 Cr.
* 15% surcharge on income tax if the total income exceeds Rs.1 Cr.
Cess :
Health and Education cess : 4% cess on income tax including surcharge.
Mentotax will help you understand your taxable income. Guide you in utilizing the maximum tax deductions and exceptions. Mentotax will also help in plan your finances aligned with taxation.
Blog:
https://mentotax.blogspot.com
For any clarifications contact us:
Mail: Mentotax@gmail.com
Follow us on:
Twitter:
https://twitter.com/mentotax
Facebook:
https://www.facebook.com/Mentotax.in/
Instagram :
https://www.instagram.com/mentotax/
No comments:
Post a Comment