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What would be tax payable of Indian resident who has total annual salary of 35 lakhs?

Tax queries 424 views 3 replies

What would be tax payable of Indian resident who has total annual salary of 35 lakhs? Please mention tax as per old and new regime. For deductions take 1.5 lakhs of 80C and for HRA consider monthly rent of Rs 15,000 for Ahmedabad.

Any help on this plz?

 

Replies (3)
Tax payable under old regime as under:
basic salary-35,00,000
+hra-1,80,000(15,000*12)(no deduction allowed as per rent is not more than 10% of salary, so, hra is full taxable)
=36,80,000
-standard deduction 50,000
gross total income=36,30,000
-deduction u/s80c=1,50,000
total taxable income=34,80,000
basic tax= 8,56,500(12,500+1,00,000+7,44,000)
health& education cess=34260
tax payable=890760

tax payable under new regime
salary-35,00,000
+hra-180,000
gross total income=36,80,000
total taxable income=36,80,000
basic tax=841500(12,500+25000+37500+50,000+62500+654000)
+health&education cess-33660
tax payable =875160
so, as per comparison
tax payable old regime:890760
tax payable new regime:875160
so, it is advisable to select new regime for tax payment for reducing extra tax payment of 15600 in compare to old regime
Originally posted by : Akshay Poriya
 comparison: tax payable old regime:890760tax payable new regime:875160so, it is advisable to select new regime for tax payment for reducing extra tax payment of 15600 in compare to old regime

Thanks Akshay for your detailed analysis.  Is there a way in old / new regime to reduce the tax?  Paying tax of nearly 9 lakhs on salary of 35 lakhs is insane!!

Anyone can help me to reduce the tax of Rs 9 lakhs?

 


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