Question: Is Tax Slab Increased To 5 Lakhs?

What tax will I pay on 5 lakhs?

Those individuals earning between Rs 2.5 lakh and Rs 5 lakh will pay 5 per cent tax.

A 10 per cent tax will be charged on income between Rs 5 and 7.5 lakh, 15 per cent, 20 per cent and 25 per cent on next Rs 2.5 lakh each and 30 per cent on income above Rs 15 lakh.”.

What is the tax slab for 2019 2020?

Tax Rates for Individuals as per budget 2019-2020Income Tax Slab (in Rupees)Tax Rate for Individual Below the Age Of 60 Years0 to 2,50,000*Nil2,50,001 to 5,00,0005% of total income exceeding 2,50,0005,00,001 to 10,00,000Tax Amount of 12,500 for the income up to 5,00,000 + 20% of total income exceeding 5,00,0001 more row•Dec 11, 2019

What is the tax for 8 lakhs?

Income Tax on Rs 8 lakh income Without Exemptions/Deductions, the tax calculator shows those earning Rs 8 lakh annual income will have to pay Rs 75400 as tax as per the new regime. The tax payable under the old regime without exemptions and deductions will be Rs 46,800.

How much tax do I pay on 10 lakhs?

Income between Rs 10 lakh and Rs 12.5 lakh will be taxed at 20 per cent. Income earning between Rs 12.5 lakh and Rs 15 lakh will be taxed at 25 per cent. Income above Rs 15 lakh will continue to be taxed at 30 per cent. 0% for income upto 5 lakh.

What is the income tax slab for AY 2020 21?

INCOME SLAB AND TAX RATES FOR F.Y. 2020-21/A.Y 2021-22Taxable incomeTax Rate (Existing Scheme)Tax Rate (New Scheme)Rs. 7,50,001 to Rs. 10,00,00020%15%Rs. 10,00,001 to Rs. 12,50,00030%20%Rs. 12,50,001 to Rs. 15,00,00030%25%Above Rs. 15,00,00030%30%3 more rows

What can I do with 5 lakhs?

20 ventures you can start with Rs 5 lakh!BusinessSkills neededAmount you need to start (Rs)Online adsMedia planning, knowledge of Net, networking300,000Verification servicesNetworking with police, legal knowledge400,000Tank cleaningTech-savvy400,000Travel guideKnowledge about getaways, high fun quotient1,50,00016 more rows•Oct 26, 2007