Question

What is the minimum taxable salary in india?

Answer 1

For individuals who are under 60 years of age, up to Rs. 2.5 lakhs, there is an exemption from taxability under the Income Tax Act, 1961. However, for the same group of individuals, salary ranging from Rs. 2.5 lakhs to Rs. 5 lakhs, the income tax rate is 5% of (Total Income-Rs. 2.5 lakhs).
For individuals who are between 60 to 80 years of age, up to Rs. 3 lakhs, there is an exemption from taxability, however, for a salary ranging from Rs. 3 lakhs to Rs. 5 lakhs, the income tax rate is 5 % of (Total Income-Rs. 3 lakhs).

For individuals who are above 80 years of age, up to Rs. 5 lakhs, there is an exemption from taxability, however, for a salary ranging from Rs. 5 lakhs to Rs. 10 lakhs, the income tax rate is 20 % of (Total Income-Rs. 5 lakhs).