How much tax do I pay on 13 lakhs?
Under the old regime, with deductions, these individuals pay 20% income tax. Similarly, people earning Rs 10 lakh to Rs 12.5 lakh pay 20 per cent, and those earning Rs 12.5 lakh to Rs 15 lakh pay 25% — against 30 per cent earlier.
What is the income tax rate for AY 2013 14?
Income Tax Slab & Deductions FY 2013-14
| For Men below 60 years of age | For Senior Citizens (Age 80 years or more) | |
|---|---|---|
| Rs. 2,00,000 | Nil | Nil |
| Rs. 2,00,001 – Rs. 500,000 | 10% | 20% |
| Rs. 500,001 – Rs. 10,00,000 | 20% | 30% |
| Above Rs. 10,00,000 | 30% |
What was the service tax rate in 2012 13?
12%
The rate of Service Tax has been increased from 10% to 12% w.e.f. 01.04. 2012. Negative List:. A ‘Negative List’ approach to taxation of services has been introduced with effect from 01.07.
What was the income tax rate in 2012?
2012 Tax Brackets and Rates
| Single | Married Filing Jointly | |
|---|---|---|
| 10% | $0 to $8,700 | $0 to $17,400 |
| 15% | $8,701 to $35,350 | $17,401 to $70,700 |
| 25% | $35,351 to $85,650 | $70,701 to $142,700 |
| 28% | $85,651 to $178,650 | $142,701 to $217,450 |
How can I save tax if I earn 12 lakh?
Tax Deductions under Section 80(C)
- Investments in PPF (Public Provident Fund)
- Investments in EPF (Employee Provident Fund)
- Investments in ELSS funds (Equity-Linked Savings Scheme)
- Investments in NSC (National Savings Certificates)
- Payment of premiums against Life Insurance Policies.
How much tax do I pay on 14 LPA?
How to save tax on a salary of Rs 15 Lakh Per Annum?
| Income (₹) | Tax in Old regime (₹) | Tax in new regime (₹) |
|---|---|---|
| (without deduction) | ||
| 14 lakhs | 242000 | 169000 |
| 15 lakhs | 273000 | 195000 |
Can I file ITR for AY 2013 14 now?
Hence any return which pertains to FY 2013-14 and before is time-barred and under no circumstances can be filed.
What is tax exemption limit?
○ The exemption limit of income tax is up to ₹2.5 lakh for all Individuals, HUF below 60 years and NRIs for FY 2018-19. ○ An additional 4% health and education cess is applicable on the tax amount.
Who is exempt from service tax?
Any service that is offered to any international organisation or to the United Nations is exempt from service tax. Any service that is offered to units of Special Economic Zones or to Special Economic Zone developers is exempt from service tax.
What was the service tax rate in 2011 12?
Hence the Current Service Tax Rate is 15%.
| Service tax Rates/Date | Basic Rates of service tax | Total service tax rates |
|---|---|---|
| 11th May 2007 to Upto 23rd Feb 2009 | 12% | 12.36% |
| 24th Feb 2009 to 31st March 2012 | 10% | 10.30% |
| 1st April 2012 to 31st May 2015 | 12% | 12.36% |
| 1st June 2015 to 14th Nov 2015 | 14% | 14% |
What was the tax rate in 2013?
2013 Tax Brackets
| Table: 2013 Tax Rates and Brackets | ||
|---|---|---|
| Single | $0 to $8,925*: | 10% |
| $8,925* to $36,250: | 15% | |
| $36,250 to $87,850: | 25% | |
| $87,850 to $183,250: | 28% |
What was the tax rate in 2014?
Related Articles:
| Tax rate | Single filer | Married filing jointly or qualifying widow/widower |
|---|---|---|
| 10% | Up to $9,075 | Up to $18,150 |
| 15% | $9,076 to $36,900 | $18,151 to $73,800 |
| 25% | $36,901 to $89,350 | $73,801 to $148,850 |
| 28% | $89,351 to $186,350 | $148,851 to $226,850 |
Which tax regime is better for 12.5 lakhs?
Old vs New: A Comparison For Different Slabs
| Income tax slab for FY 2020-21 old regime | Annual Income | New Regime FY 2020-21 |
|---|---|---|
| 20% | Rs.5 – 7.5 lakh | 10% |
| Rs. 7.5 – 10 lakh | 15% | |
| 30% | Rs. 10-12.5 lakh | 20% |
| Rs. 12.5-15 lakh | 25% |
How can I save tax on 13 lakh salary?
1. Reduce Your Taxable Income by Up To Rs 1.5 Lakhs (Section 80C, 80CCC, 80CCD)
- Unit Linked Insurance Plans (ULIPs)
- Pension or Annuity Plans from Life Insurance Companies.
- Public Provident Fund (PPF) & Employee Provident Fund (EPF)
- New Pension Scheme Tier-I Account.
- Senior Citizen Savings Scheme.
What is in hand salary for 14.5 LPA?
If 14L is ctc, then it would be around 75k-80k.
What is the tax for 12 LPA in India?
New income tax slabs for individuals for FY 2020-21
| Income Tax Slab | Tax Rate |
|---|---|
| From Rs.10,00,001 to Rs.12,50,000 | 20% of the total income that is more than Rs.10 lakh + 4% cess |
| From Rs.12,50,001 to Rs.15,00,000 | 25% of the total income that is more than Rs.12.5 lakh + 4% cess |
Can I file ITR for last 10 years?
Individuals can file returns for the previous years. This can only be done for the two years preceding the current financial year for which the returns have to be filed. Taxpayers are provided a two year period during which returns can be filed.
How many years can income tax go back in India?
In Budget 2021, the time limit for reopening of assessment was halved from six years from the end of the assessment year, to three years. This was barring those cases where the income that had escaped tax and represented by an asset exceeded Rs 50 Lakh, in which case, the time limit would be 10 years.
Which income is tax free in India?
agricultural income
As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act.
Who is exempted from income tax?
Types of Exempt Income
House Rent Allowance. Allowance on transportation, children’s education, subsidy on hostel fee. Exemption on Housing Loan. Income defined as per Section 10, Section 54 of the Income Tax Act, 1961.
Which service is not taxable in India?
100% EXEMPTION AS PER NOTIFICATION NO. 25/2012- SERVICE TAX DATED 20.06. 2012
| S. No | Service Provider |
|---|---|
| 2 | 1.Clinical Establishment i.e. Hospital, Nursing Home, Clinic, Sanatorium, testing lab etc. 2.Medical practitioner i.e. Doctor.3.Paramedics i.e. Nursing Staff. |
| 2A | Core blood bank. |
| 2B | Operator. |
| 3 | Veterinary clinic. |
Is it mandatory to pay service tax?
Service charge is different from service tax, which is a statutory levy under the Goods and Services Tax. It is not mandatory under Indian consumer laws, according to the consumer affairs ministry.
What was the income tax rate in 2011?
I. TAX RATES FOR INDIVIDUALS OTHER THAN II & III
| INCOME SLABS | INCOME TAX RATES |
|---|---|
| Upto Rs.1,60,000 | NIL |
| Rs.1,60,000 to 5,00,000 | 10% of the amount exceeding Rs.1,60,000 |
| Rs.5,00,000 to 8,00,000 | Rs.34,000 + 20% of the amount exceeding Rs.5,00,000 |
| Rs.8,00,000 & above | Rs.94,000 + 30% of the amount exceeding Rs.8,00,000 |
What is the minimum income to file taxes in 2013?
| Filing Status | Age | Minimum Gross Income |
|---|---|---|
| Single | Under 65 | $10,000 |
| Single | 65 or older | $11,500 |
| Head of Household | Under 65 | $12,850 |
| Head of Household | 65 or older | $14,350 |
What was the minimum income to file taxes in 2014?
Here are some basic guidelines: For single dependents who are under the age of 65 and not blind, you generally must file a federal income tax return if your unearned income (such as from dividends or interest) was more than $1,000; if your earned income (such as from wages or salary) was more than $6,100.