Hi all, It is said that salary upto 5,00,000 can be made tax free.Can you provide certain details with regards to the same. With regards, Swarali
From China, Beijing
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1From China, Beijing
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Hi All, I know all of you are quiet busy as its is first day of the week.But I would like to know if it is possible yo give tax free salary till 5,00,000. With regards, Swarali
From China, Beijing
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From China, Beijing
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What is a tax-free salary? Please note the terminology of income tax clearly. An initial exemption of Rs. 1 lakh is given to all individuals (separate slab for working women and senior citizens). Furthermore, a deduction with respect to housing loan interest paid up to 1.5 lakhs is available. Investment under 80C of 1 lakh is eligible for exemption. Additionally, HRA to the permissible extent, medical insurance of Rs. 15k per annum, and medical reimbursement of 15k per annum are eligible. Conveyance allowance is exempt up to Rs. 9600 per annum.
Of course, companies can pay tax-free salary without deducting tax. However, they have to pay tax on their own. I have never heard about a tax-free salary of up to 5 lakhs so far. If something like that exists, it would be sweet news! :D
Regards, Vishwanath
From India, Bangalore
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Of course, companies can pay tax-free salary without deducting tax. However, they have to pay tax on their own. I have never heard about a tax-free salary of up to 5 lakhs so far. If something like that exists, it would be sweet news! :D
Regards, Vishwanath
From India, Bangalore
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Hello Sir,
Thank you for your response. I might have used the wrong terminology for it, and I apologize. Could you please provide me with the tax exemption slabs for working women and senior citizens?
With regards,
Swarali
From China, Beijing
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Thank you for your response. I might have used the wrong terminology for it, and I apologize. Could you please provide me with the tax exemption slabs for working women and senior citizens?
With regards,
Swarali
From China, Beijing
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Hi All, I will like add to what vishwanath has stated, following things will also be considered. 1. LTA appx. one basic 2. Food Coupens upto Rs. 15000/- PA Shrinath
From India, Mumbai
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From India, Mumbai
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Hello Ma'am,
Regarding income tax information, the salary structure is as follows:
- For working men: 1,10,000/-
- For working women: 1,35,000/-
Income tax rates are as follows:
- 1,35,000 to 1,50,000: 10%
- 1,50,000 to 2,50,000: 20%
- 2,50,000 and above: 30%
For any further details, please contact me at ramkondapalli@rediffmail.com.
Goodbye,
Ram.
From India, Pune
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Regarding income tax information, the salary structure is as follows:
- For working men: 1,10,000/-
- For working women: 1,35,000/-
Income tax rates are as follows:
- 1,35,000 to 1,50,000: 10%
- 1,50,000 to 2,50,000: 20%
- 2,50,000 and above: 30%
For any further details, please contact me at ramkondapalli@rediffmail.com.
Goodbye,
Ram.
From India, Pune
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Hi, Please find enclosed herewith Income Tax slab for Male, Female & Sr. Citizen. Hope it will help you. Regards VIKAS JAIN ERP FUNCTIONAL CONSULTANT- HRMS
From India, Indore
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From India, Indore
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Hi Swarali,
What you heard as tax up to 500,000 is nil is partially right. There were reports that in the near future, tax slabs are going to change. The new tax slabs will be as follows:
- Up to 150,000: no tax
- From 150,001 to 250,000: 10%
- From 250,001 to 500,000: 20%
- Above 500,000: 30%
You must have heard something like this, and you may have misunderstood it as there is no tax up to 500,000.
Thanks & Regards,
Nishanth
From China
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What you heard as tax up to 500,000 is nil is partially right. There were reports that in the near future, tax slabs are going to change. The new tax slabs will be as follows:
- Up to 150,000: no tax
- From 150,001 to 250,000: 10%
- From 250,001 to 500,000: 20%
- Above 500,000: 30%
You must have heard something like this, and you may have misunderstood it as there is no tax up to 500,000.
Thanks & Regards,
Nishanth
From China
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