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

431 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?

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 30 June 2026
2 posts Article assistant and Articleship completed students

Chirag N Shah & Associates

Mumbai

CA Inter

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details
Company
29 June 2026
ACCOUNTANT

SANDEEP AASHISH & CO

Araria

B.Com

View Details
Company
ARTICLESHIP 24 June 2026
CA Article Trainee

Rahul Dang & Associates

Pune

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details