
PeppyPretzel
How 12 Lakhs income is tax free ?
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 ?
10mo ago
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