![]() ![]() Income up to ₹ 2.5 lakh does not attract any taxes. What is the maximum non-taxable income limit?.Incomes mentioned under Section 10 of The Income Tax act 1961 are not taxable in India. These are ways you can consider to lower your overall tax outgo. You can also get a deduction of home loan interest up to ₹ 2 lakh under Section 24. Additionally, if you invest in health insurance, you can get a deduction of up to ₹ 25000 under Section 80D for yourself and your family(₹ 50000 if the age of the insured is 60 years or above) and up to ₹ 25000 (₹ 50000 if the age of insured is 60 years or above) for your parents. Section 80C also offers deduction from taxable income for investments in PPF (Public Provident Fund), NSC (National Savings Certificate) and other instruments along with home loan principal repayment. If you invest in life insurance, you can claim a deduction from taxable income of life insurance premium paid upto ₹ 1.5 lakhs. ![]() The taxable income will be worked out after making applicable deductions, if any. The income tax on your salary will be calculated depending on the tax slab and whether you have opted for the old tax regime or the new tax regime. How much tax should I pay on my salary?.Please get in touch with your personal advisor The taxability of income depends on a number of factors. What is the income tax on a ₹ 24 lakh salary in India?.In that case, your net income would be ₹ 25,000, but your gross income is ₹ 30,000 ![]() For example, even though your monthly salary might be ₹ 30,000, you might only receive a cheque for ₹ 25,000. Gross income is the total income earned by an individual in a year before any taxes or deductions. It is a tax on profession, trade, and employment of person Under the New tax regime tax slab is the same for all individuals irrespective of their age Note: Under the old tax regime, the basic exemption limit for a person of 60 years old or more but less than 80 years old is ₹ 3,00,000 and for person 80 years old or more is ₹ 5,00,000 ![]()
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