How much tax will I be paying?
So I joined a startup that pays me 10 LPA. Each month I received INR 83,133.
My guess is I'll have to pay the tax at the end of the financial year. How much will I have to?
At salary of 10 lakh , you can actually pay zero tax if planned well
Can you please elaborate? My payslip has bifurcations of House Rent Allowance and Special Allowance that accounts for 50% of the pay
Yes, do 1.5 lakh 80c contribution + you may me getting 2 lakh approx as HRA claim -so you can claim that amount full if you are paying rent above 18k+ . Buy Term insurance of approx 2 cr death cover for this (I am assuming you are young) so you can claim tax deduction in case you pay premium up to 25K - for your age (under 28) this is the max premium for this much cover.
Pay your mom and dad insurance if you can and you can claim that under exemption up to 25k in case they are not senior citizen.
Remove all these exemption from 10 lakh . To calculate taxable salary 10-2-1.5-0.25-0.25 = 6 lakhs
Under old tax regime tacsalary till 3 lakh is tax exempt . So remaining 3 lakh 5% is tax which is 15K
They should ideally be deducting salary from your monthly pay itself, are they not? Typically tax would be 20-25% net on that bracket
