Table of Contents
What would you do if you won lottery of 10 crore?
If I get 10 crores in lottery I will invest it in pretty simple way….Assuming after 40 \% tax I am left with 6 crores corpus.
- I will invest 1 cr in FD in different banks.
- I will invest 1 cr in stocks.
- Will buy a shop ( assuming for 2 cr)
- 50 lakhs in bank.
- 50 lakhs in starting a business.
- 20 lakhs in gold.
What is the tax for 7 lakhs?
New income tax slabs for individuals for FY 2020-21
| Income Tax Slab | Tax Rate |
|---|---|
| From Rs.5,00,001 to Rs.7,50,000 | 10\% of the total income that is more than Rs.5 lakh + 4\% cess |
| From Rs.7,50,001 to Rs.10,00,000 | 15\% of the total income that is more than Rs.7.5 lakh + 4\% cess |
What is super tax India?
Nirmala Sitharaman announced that individuals earning more than Rs 5 crore a year would pay a surcharge of 37.5 percent on their tax, over above their 30 percent marginal tax. This comes up to an effective rate of 41.1 percent rate (Rs 30 tax on every Rs 100 earned, plus another 37 percent on Rs 30, which is Rs 11.1).
Do I have to pay tax on 10 crore of income?
This is a tricky question. Now, if Rs 10 crore is the income you receive during a year, you would have to pay taxes at the rate of 30\%. That being said, if Rs 10 crore is your savings in the bank, the interest income you receive out of it will be taxable; based on what income tax slab you fall under.
How much is the new tax surcharge on income tax in India?
Taxpayers with income between Rs 50 lakh and Rs 1 crore continue to pay 10\% surcharge, between Rs 1 crore and Rs 2 crore pay 15\%, between Rs 2 crore and Rs 5 crore pay 25\% and those with income over Rs 5 crore pay 37\%. So those earning just below these limits will not benefit if they forego the exemptions and move to the new regime.
How much do you have to pay in tax in India?
The amount you have to pay in tax depends on which income tax slab you fall under. Currently, the maximum rate for income tax is capped at 30\% though a surcharge and educational cess is added. The table below gives an idea of the taxable income in India.
What is the taxable income of a company in India?
Taxable Income is Rs. 1.10 crores: Suppose a domestic company has a taxable income of Rs. 1.10 crore taxable at the rate of 30\%, in this case, since the taxable income is more than Rs. 1 crores but less than Rs. 10 crores, the company is liable to pay surcharge at 7\% on the total tax.