Mr Rane age 36 his annual income is rs 330000 will he have pay income tax and what will be the taxable amount
Answers
Answer:
Step-by-step explanation:
Income tax rates and slabs under new tax regime for FY 2021-22
Total income (Rs)
Income tax rate
Up to 2.5 lakh
Nil
From 2,50,001 to Rs 5,00,000
5 percent
From 5,00,001 to Rs 7,50,000
10 percent
From 7,50,001 to 10,00,000
15 percent
From 10,00,001 to Rs 12,50,000
20 percent
From 12,50,001 to 15,00,000
25 percent
Above 15,00,000
30 percent
Under the old tax regime, the basic tax exemption limit for an individual depends on their age and residential status.
This is the latest income tax slabs for FY 2021-22 under old tax regime:
Income tax slabs for resident individuals below 60 years of age for 2020-21
Taxable income slabs
Income tax rates and cess
Up to Rs 2.5 lakh
Nil
Rs 2,50,001 to Rs 5,00,000
5% of (Total income minus Rs 2,50,000) + 4% cess
Rs 5,00,001 to Rs 10,00,000
Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and above
Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess
Income tax slabs for resident individual between 60 and 80 years of age (Senior Citizen) for FY 2020-21
Taxable income slabs
Income tax rates and cess
Up to Rs 3 lakh
Nil
Rs 3,00,001 to Rs 5,00,000
5% of (Total income minus Rs 3,00,000) + 4% cess
Rs 5,00,001 to Rs 10,00,000
Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and above
Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess
Income tax slabs for resident individual above 80 years of age (Super Senior Citizen) FY 2020-21
Taxable income slabs
Income tax rates and cess
Up to Rs 5 lakh
Nil
Rs 5,00,001 to Rs 10,00,000
20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and above
Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess
NEWS ON INCOME-TAX
When can I claim deduction on short term capital gains?When can I claim deduction on short term capital gains?
Apr 06, 2021, 12.28 PM
As per the Income Tax Act, deductions allowed against the sale of shares resulting in short term capital gains...
What is the last date of completing tax-savings investments?What is the last date of completing tax-savings investments?
Mar 31, 2021, 12.40 PM
If you still have not completed your tax-saving exercise, then there are some online options for you such as 5...
New Income Tax rules from April 1: Here are some last minute tax-saving tipsNew Income Tax rules from April 1: Here are some last minute tax-saving tips
Mar 31, 2021, 12.17 PM
April 1 will mark the beginning of a new financial year and it will also bring in a slew of income tax changes...
How to apply for Sukanya Samriddhi Yojana? All you need to know about eligibility, Interest rate and tax benefitsHow to apply for Sukanya Samriddhi Yojana? All you need to know about eligibility, Interest rate and tax benefits
Mar 30, 2021, 12.54 PM
Below we answer questions related to who can invest in the scheme, how to open an account in the scheme, how m...
7 tax saving investments that can be done online to save time7 tax saving investments that can be done online to save time
Mar 30, 2021, 09.55 AM
If you are planning to opt for the old tax regime in FY 2020-21 and have still not finalised the financial pr...
Tax optimiser: Shah needs to reduce HRA from his CTC and invest in NPS to save taxTax optimiser: Shah needs to reduce HRA from his CTC and invest in NPS to save tax
Mar 29, 2021, 06.30 AM
ET Wealth tells readers how they can optimise their tax by rejigging their salary, other income and investment...
Definitions
ECONOMYEQUITYINSURANCEBUDGETMARKETINGMUTUAL FUNDSPACE TECHNOLOGYMORE
3rd Party InsuranceAbsolute AssignmentAccidental Death Benefit And D...Actual Cash ValueActuariesAdverse SelectionAgentAnnualized PremiumAnnualized Premium EquivalentAppraisal ValueAssessed ValueAssignorAuto InsuranceBancassuranceBeneficiary
Share this Calculator
MORE CALCULATORS
NPS Calculator
NPS CALCULATOR
Calculate the amount of pension wealth you will accumulate on retirement.
FIND OUT NOW
Employees' Provident Fund Calculator
EMPLOYEES' PROVIDENT FUND CALCULATOR
Calculate the amount of money you will accumulate on retirement.