Calculation of income tax on Rs 12.5 lakh for salaried: Here's how you pay zero tax
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New income tax calculation after Budget:How much tax will salaried save on incomes of Rs 12.75 lakh, Rs 15 lakh, Rs 20 lakh, Rs 25 lakh under new tax regime
So, how did the Finance Minister achieve this remarkable zero-tax threshold? The key factor is the increase in the tax rebate from Rs 25,000 to Rs 60,000. Under the new regime, the tax liability for individuals earning Rs 12 lakh or Rs 12.75 lakh (for salaried persons) is Rs 60,000, which is completely waived due to the rebate. Hence, the resulting tax is nil.
But what if you earn more than Rs 12 lakh? If your taxable income exceeds Rs 12 lakh by even a single rupee, you will no longer qualify for the rebate and will have to pay taxes according to the new slab rates. Fortunately, with a reshuffle of tax slabs and the standard deduction of Rs 75,000, there are still benefits for all taxpayers.
The new structure dictates that, for people earning over Rs 12 lakh per annum: —
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