Hi,
one of my staff salary is 8.5lakhs
as per new regime 7lakhs is exempt is applicable or not. and any standard deduction is applicable in new regime.
please share the details.
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New regime doub
Replies (14)
Yes, Standard Deduction Rs 50k is available.
Standard Deduction available of Rs 50000 and hence net taxable income will be 8 lakh and no other deduction will be available And tax liability of Rs. 35000+ ec+ interest
Hi, Rashmi madam, thanks for your reply. I read the
rules in clear tax, it mention the slap.
1) 0 - 3lakhs - Nil.
2) 3 - 6 lakhs - 5% 87 rebate applicable.
3) 6 - 7.5 - 10 % 87 rebate applicable.
4) 7.5 - 9lakhs - 10%.
I calculated up to 7lakhs no tax balance 50000 on standard deduction, taxable is 50000 on 10% is 5000+ 4% cess is applied.
can u tell me this is right?
rules in clear tax, it mention the slap.
1) 0 - 3lakhs - Nil.
2) 3 - 6 lakhs - 5% 87 rebate applicable.
3) 6 - 7.5 - 10 % 87 rebate applicable.
4) 7.5 - 9lakhs - 10%.
I calculated up to 7lakhs no tax balance 50000 on standard deduction, taxable is 50000 on 10% is 5000+ 4% cess is applied.
can u tell me this is right?
Post computation
| Originally posted by : sabyasachi mukherjee | ||
 |
Post computation |  |
Stupid Sabyasachi Mukherjee
Can you please update any one plz
No it is not correct There is rebate of 25000/- in case your income is below 7lakh. So till 7 it is tax free but if the limit crossed then tax will be
0 on first 3 lakhs
15, 000 on next 3 lakhs
20, 000 on next 2 lakhs
So your total tax will be 35000+ec + interest
0 on first 3 lakhs
15, 000 on next 3 lakhs
20, 000 on next 2 lakhs
So your total tax will be 35000+ec + interest
| Originally posted by : B.R.Vinod kumar | ||
|
Can you please update any one plz | |
Sir,
The Tax Liability is 35k + Cess as per Ms CA Rashmi Gandhi.
Thanks
Welcome 🙂🙂
35k+cess1400=36.4k is your total tax liability.
Anyones salary below 5lakhs is eligible for a rebate. Rebate is either 2000 or 100% charge on its tax liability which ever is less.
Upto 7 lakhs you will receive a tax relief (25k) but not in your case
| Originally posted by : Yasaswi Gomes new | ||
|
35k+cess1400=36.4k is your total tax liability. Anyones salary below 5lakhs is eligible for a rebate. Rebate is either 2000 or 100% charge on its tax liability which ever is less. Upto 7 lakhs you will receive a tax relief (25k) but not in your case |
|
Correct thaaaan pa.
But, Query already thanked means completed...
(I think this is only Your own typing (like man made)... So, this one is effective. All other replies are just as (from) machine...
😎😎
Stupid , fool raja
This is called as rote learning through discussions
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