Tax deductions..
3L to 6L - 5% tax
3L - 15,000
4L- 20,000
5L- 25,000
7L tto 9L - 10% tax
7L - 70,000
8L - 80,000
9L - 90,000
With Deductions like PF, House rent, Insurance You can reduce tax.
1️⃣ New Tax Regime (Default in India now) Under the new regime , there is a standard deduction of ₹50,000 for salaried individuals. Calculation: Annual income = ₹7,00,000 Standard deduction = ₹50,000 Taxable income = ₹6,50,000 Tax slabs (new regime): Up to ₹3,00,000 → 0% ₹3,00,001 – ₹6,00,000 → 5% ₹6,00,001 – ₹9,00,000 → 10% Tax calculation: ₹3,00,000 → 0 ₹3,00,000 × 5% = ₹15,000 ₹50,000 × 10% = ₹5,000 Total tax = ₹20,000 But because your income is below ₹7 lakh , you get Section 87A rebate . ✅ Final tax = ₹0 So if your total income is ₹7,00,000 or less , you pay zero income tax (after rebate). 2️⃣ Old Tax Regime Old regime slabs: Up to ₹2,50,000 → 0% ₹2,50,001 – ₹5,00,000 → 5% ₹5,00,001 – ₹10,00,000 → 20% But there is rebate under Section 87A up to ₹5 lakh income only . If taxable income is ₹7 lakh without deductions , you may pay about ₹52,500 tax . However, with deductions like: 80C (₹1.5L) – PPF, ELSS, LIC 80D...
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