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How much tax do i pay

VIKAS VERMA

How much tax do i pay its depend upon tax laws of the country. The amount of tax you’ll pay depends on several factors, including:

It is best to consult a tax professional or use tax software to estimate your tax liability.

HOW MUCH TAX DO I PAY IN UNITED KINGDOM

In the United Kingdom, the amount of tax you’ll pay depends on your taxable income and other factors such as:

The basic rate of income tax in the UK for the tax year 2022-2023 is 20%, and the higher rate is 40%. There is also an additional rate of 45% for those with taxable income over £150,000. Keep in mind that these are just general guidelines, and your specific tax liability may vary. It’s best to consult a tax professional for a more accurate estimate.(How much tax will i pay)

The amount of tax you’ll pay in a given country depends on a variety of factors, including:

HOW MUCH TAX SHOULD I PAY IN a few countries for comparison:

Note that these are just general guidelines, and your specific tax liability may vary based on your individual circumstances. It’s best to consult a tax professional or use tax software to estimate your tax liability.How much tax will i pay described. How to Calculate Percentage | Best 3 Tricks to Calculate Percentage

HOW MUCH TAX DO I PAY IN UNITED INDIA

For individuals who are under 60 years of age (Existing Tax Regime)

Net IncomeIncome Tax Rate
Up to Rs.2.5 lakhsNil
Rs.2.5 lakhs to Rs.5 lakhs5% of (Total income – Rs.2.5 lakhs)
Rs.5 lakhs to Rs.10 lakhsRs.25,000 + 20% of (Total income – Rs.5 lakhs)
Above Rs.10 lakhsRs.1,12,500 + 30% of (Total income – Rs.10 lakhs)

How much tax will i pay

For individuals who are under 60 years of age ( New Tax Regime u/s 115BAC)

Net IncomeIncome Tax Rate under new regime
Up to Rs.2.5 lakhsNil
Rs.2.5 lakh to Rs.5 lakh5% of the total income that is more than Rs.2.5 lakh
Rs.5 lakh to Rs.7.5 lakh10% of the total income that is more than Rs.5 lakh + Rs.12,500
Rs.7.5 lakh to Rs.10 lakh15% of the total income that is more than Rs.7.5 lakh + Rs.37,500
Rs.10 lakh to Rs.12.5 lakh20% of the total income that is more than Rs.10 lakh + Rs.75,000
Rs.12.5 lakh to Rs.15 lakh25% of the total income that is more than Rs.12.5 lakh + Rs.1,25,000
Above Rs.15 lakh30% of the total income that is more than Rs.15 lakh + Rs.1,87,500

How much tax will i pay

For individuals who are between 60 and 80 years of age (Existing Tax Regime)

Net IncomeIncome Tax Rates
Up to Rs.3 lakhsNIL
Rs.3 lakhs to Rs.5 lakhs5% of (Total Income – Rs.3 lakhs)
Rs.5 lakhs to Rs.10 lakhsRs.10,000 + 20% of (Total income – Rs.5 lakhs)
Above Rs.10 lakhsRs.1,10,000 + 30% of (Total income – Rs.10 lakhs)

How much tax will i pay

For individuals who are between 60 and 80 years of age (New Tax Regime u/s 115BAC)

Net IncomeIncome Tax Rate under new regime
Up to Rs.2.5 lakhsNil
Rs.2.5 lakh to Rs.5 lakh5% of the total income that is more than Rs.2.5 lakh
Rs.5 lakh to Rs.7.5 lakh10% of the total income that is more than Rs.5 lakh + Rs.12,500
Rs.7.5 lakh to Rs.10 lakh15% of the total income that is more than Rs.7.5 lakh + Rs.37,500
Rs.10 lakh to Rs.12.5 lakh20% of the total income that is more than Rs.10 lakh + Rs.75,000
Rs.12.5 lakh to Rs.15 lakh25% of the total income that is more than Rs.12.5 lakh + Rs.1,25,000
Above Rs.15 lakh30% of the total income that is more than Rs.15 lakh + Rs.1,87,500
how much tax will i pay calculator

How much tax will i pay

For individuals who are above 80 years of age  (Existing Tax Regime)

Net IncomeIncome Tax Rate
Up to Rs.5 lakhsNil
Rs.5 lakhs to Rs.10 lakhsRs.10,000 + 20% above Rs.5 lakh
Above Rs.10 lakhsRs.1,10,000 + 30% above Rs.10 lakh
how much tax will i pay

How much tax will i pay

For individuals who are above 80 years of age (New Tax Regime u/s 115BAC)

Net IncomeIncome Tax Rate under new regime
Up to Rs.2.5 lakhs Nil 
Rs.2.5 lakh to Rs.5 lakh 5% of the total income that is more than Rs.2.5 lakh 
Rs.5 lakh to Rs.7.5 lakh 10% of the total income that is more than Rs.5 lakh + Rs.12,500 
Rs.7.5 lakh to Rs.10 lakh 15% of the total income that is more than Rs.7.5 lakh + Rs.37,500 
Rs.10 lakh to Rs.12.5 lakh 20% of the total income that is more than Rs.10 lakh + Rs.75,000 
Rs.12.5 lakh to Rs.15 lakh 25% of the total income that is more than Rs.12.5 lakh + Rs.1,25,000 
Above Rs.15 lakh 30% of the total income that is more than Rs.15 lakh + Rs.1,87,500 
how much tax do i pay calculator

How much tax will i pay

FOR MORE DETAILS VISITE:- Income tax slabs

How much tax will i pay or how much tax do i pay calculator | how much tax will i pay self employed
What is Salary Income?

Salary is the remuneration paid by the employer to the employee for the services rendered for a certain period of time. It is paid in fixed intervals i.e. monthly one-twelfth of the annual salary.

Dictionary meaning: Usually a form of earning or profit, provided by an employer to his/her employee. This generally comes in the form of an incentive in addition to the regular pay. This amount of money, defined as salary is the right of an employee for rendering his/her services to the employer.

Meaning as per the guidelines of the Income Tax Department: Section 17 (2) of the Income Tax Act, 1961, defines salary as the worth of an accommodation that is free of rent, from an employer to an employee.

  1. Salary includes:
    1. Basic Salary or the fixed component of salary as per the terms of employment.
    2. Fees, Commission and Bonus that the employee gets from the employer
    3. Allowances that the employer pays the employee to meet his personal expenses. Allowances are taxed either fully, partially or are exempt.
  2. Fully taxable allowances are:
    1. Dearness allowance paid to the employees to meet expenses due to inflation.
    2. City Compensatory allowance paid to those who move to big metros like Mumbai, Delhi, Chennai, where the standard of living is higher.
    3. Overtime allowance paid to the employee who works over the prescribed hours.
    4. Deputation allowance and servant allowance.
  3. Partly taxable allowances are:
    1. House Rent Allowance: If the employee stays in his own house then the allowance is fully taxable. The allowance exemption is the least of
    2. The actual house rent allowance
    3. If he pays additional rent above 10% of his salary
    4. If the rent is equal to 50% of his salary (metros) or 40% (other areas).
    5. Entertainment allowance (except for Central and State Government employees).
    6. Special allowances like uniform, travel, research allowance etc.
    7. Special allowance to meet personal expenses like childrens education allowance, children hostel allowance etc.
  4. Fully exempt allowances are:
    1. Foreign allowance given to employees posted abroad.
    2. Allowances of High Court and Supreme Court Judges.
    3. United Nations Organisation employees allowances.
  5. Perquisites are payments received by employees over their salaries. They are not reimbursement of expenses. Some perquisites are taxable for all employees, they are:
    1. Rent free accommodation
    2. Concession in accommodation rent
    3. Interest free loans
    4. Movable assets
    5. Club fee payments
    6. Educational expenses
    7. Insurance premium paid on behalf of employees
  6. Retirement benefits are given to employees during their period of service or during retirement.
    1. Pension is given either on a monthly basis or in a lump sum. The tax is treated depending on the category of the employee.
    2. Gratuity is given as appreciation of past performance which is received at the time of retirement and is exempt to a certain limit.
    3. Leave salaries tax depends on the category of the employee. The employee may make use of the leave or encash it.
    4. Provident fund is contributed by both employee and employer on a monthly basis. At the retirement, employee gets the amount along with interest. Tax treatment is based on the type of provident fund maintained by the employer.(How much tax will i pay)

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How much tax will i pay

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