Which tax regime is better for 6lpa?

Which tax regime is better for 6lpa?

Here are some of the most popular options you can choose for tax saving for 6.5L income: One of the most common ways of saving taxes is by availing deduction under Section 80C of the Income Tax Act. With Section 80C, a taxpayer can avail tax deductions of up to Rs 1.5 lakh, which lowers your tax burden considerably.

How can I lower my tax liability on my salary?

Save Income Tax on Salary

  1. Deductions under Section 80C, Section 80CCC and Section 80CCD. Citizens of India can save tax under these 3 sections.
  2. Medical Expenses.
  3. Home Loan.
  4. Education Loan.
  5. Shares and Mutual Funds.
  6. Long Term Capital Gains.
  7. Sale of Equity Shares.
  8. Donations.
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What are the ways to save tax?

Recommended ways of saving taxes under Sec 80C,80D and 80EE

  • Make an investment of Rs 1.5 lakh under Sec 80C to reduce your taxable income.
  • Buy Medical Insurance, maximum deduction allowed is Rs.
  • Claim deduction up to Rs 50,000 on Home Loan Interest under Section 80EE.

What is in hand salary of 6lpa?

The highest salary for a 6lpa in India is ₹23,695 per month. The lowest salary for a 6lpa in India is ₹23,695 per month.

What is the tax for 5 lakhs in India?

This is because for normal income the tax rate between 2.50 lakhs and 5 lakhs is 5\% and the tax liability at 5\% on 2.50 lakhs comes to exactly 12,500.

How can I save tax on my salary under 9 lakhs?

Income tax saving guide: These 10 ways can help you save up to Rs 8 Lakh

  1. Tax Deduction on Home Loan Interest.
  2. Claim Principal Amount of Home Loan.
  3. LIC premium, PF, PPF, Pension Scheme.
  4. Central Government Pension Scheme.
  5. Health Insurance Premium.
  6. Medical and maintenance expenses of disabled dependents.
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Does CTC include rent in LPA?

So, if there are additions like rent, investment, then the CTC must include these figures also and can’t be assumed as Rs.10.00 lpa. The take home salary every month varies from company to company and so, the employee must get clarifications from the company on this before joining.

What will be my monthly salary if my CTC is 10pA?

We’ve put together a list of 8 money apps to get you on the path towards a bright financial future. If your ctc is 10PA, your monthly in hand salary will be 65000 to 69000.Your overhead will be 10k which will include tax,of,gratuity.

What is the flat tax rate for 6 5 LPA?

This flat tax rate is far lower than the tax slab that your salary of 6.5 LPA would fall under with the existing tax regime – 20\%. However, the important point to consider here is that the new tax regime does not allow taxpayers to avail various common and popular deductions. Hence, your options with tax saving for 6.5L income become limited.

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How much tax will I pay on my CTC for fy2020-21?

Gain a global economic perspective to help you make informed business decisions. For FY-2020–21 if your CTC is Rs.10 LPA (Fixed) then your approximately in hand salary and tax to be paid will be as per below investments as under: As per old tax regime you have pay Rs.0/- and in hand salary approx Rs.77,840/-.