Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Recovery of tax

12 August 2024

what is the income tax to be paid by a salaried person on a gross annual salary of Rs.8 lakhs under the new regime after the post Budget.

Reply
Follow
Share

2 Replies

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5150 Points)
Replied 12 August 2024

The income tax for a salaried person with a gross annual salary of Rs. 8 lakhs under the new regime after the post Budget would be Rs. 35,000 ¹. Here's the calculation: - *Up to Rs. 3 lakhs*: No tax - *Rs. 3 lakhs to Rs. 7 lakhs*: 5% of Rs. 4 lakhs = Rs. 20,000 - *Rs. 7 lakhs to Rs. 8 lakhs*: 10% of Rs. 1 lakh = Rs. 10,000 - *Total income tax*: Rs. 20,000 + Rs. 10,000 + Rs. 5,000 (cess) = Rs. 35,000 Note that these calculations are based on the new tax regime announced in Budget 2024 ².

Upgrade to CAclubindia Pro. Subscribe Now!

ramasubramanian srinivasan (48 Points)
Replied 12 August 2024

Thank you .But you have not considered the Std.Deuction of Rs.75000/= Net Taxable income is 7.25 lakhs only. will he/she eligible for 87A exemption.On post budget ,it works out 10400/= as tax payable ,but if 87A is permissable,then NIL tax . please suggest