Guys, I have a serious question and I might sound stupid here but still, can someone explain me how 12 Lakhs income is tax free ?
I never understood this thing. Earlier when It was 7 Lakhs, I didn't understood it then too.
So, According to newest tax regime, these are the slabs -
0-4L: 0% 4-8L: 5% 8-12L: 10% 12-16L: 15% 16-20L: 20% 20-24L: 25%
24L: 30%
If we just calculate tax for 12 Lakhs, Standard deduction is 75k so taxable income would be
12L - 75k = 1125000 Rs
and for that, tax would be => 0 +20000 + 32500 = 52500 Rs should be total tax.
But how it is zero ?
https://cleartax.in/paytax/taxcalculator with latest budget
I am straight outta clg, asking for me and my friend. Dont know shit about taxes epf gratuity and esops etc, will study about it soon but just wanted to know the figures now so that i can tell it at my home. Thanks Grapeviners and wish u...
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