Income Tax
| Income Tax Slabs | Tax Rate for Individual & HUF Below the Age Of 60 Years |
|---|---|
| Up to ₹2,50,000* | Nil |
| ₹2,50,001 to ₹5,00,000 | 5% of total income exceeding ₹2,50,000 |
| ₹5,00,001 to ₹10,00,000 | ₹12,500 + 20% of total income exceeding ₹5,00,000 |
| Above ₹10,00,000 | ₹1,12,500 + 30% of total income exceeding ₹10,00,000 |
An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
So ~3cr or 2% of Indians out of 140cr invest.
ITR filings for FY 20/21 by income.
~4.8cr ₹5lks
~90lks ₹5 to ₹10lks
~43lks ₹10lks
If people have to invest or spend more, they need to earn at least ₹2.5lks/yr?
Incomes exempt from paying tax
- Income from Agriculture (Agriculture Income)
- Gifts Received from Relatives
- Income from Gratuity
- Scholarships
- Certain Pensions - Pensions received by recipients of gallantry awards like the Mahavir Chakra, Param Vir Chakra, and Vir Chakra are tax-free. Additionally, the pension received by family members of Indian Armed Forces personnel is also exempt from tax.
Certain Pensions | Zee Business
New Tax Regime vs Old Tax Regime
The Old Tax Regime is almost dead
Taxation Comparison
- USA: 37% → ₹6.3 CR
- China: 45% → ₹5.5 CR
- Japan: 55.97% → ₹4.4 CR
- Germany: 45% → ₹5.5 CR
- India: 42.74% → ₹5.7 CR
- UK: 45% → ₹5.5 CR
- France: 55.4% → ₹4.5 CR
- Italy: 47.2% → ₹5.3 CR
- Brazil: 27.5% → ₹7.25 CR
- Canada: 33% → ₹6.7 CR
- Russia: 13% → ₹8.7 CR
- S. Korea: 45% → ₹5.5 CR
- Australia: 45% → ₹5.5 CR
- Spain: 54% → ₹4.6 CR
- Mexico: 35% → ₹6.5 CR
- Indonesia: 35% → ₹6.5 CR
- Netherlands: 49.5% → ₹5.05 CR
- Saudi Arabia: 0% → ₹10 CR
- Turkey: 40% → ₹6 CR
- Switzerland: 40% → ₹6 CR
- Taiwan: 40% → ₹6 CR
- Poland: 36% → ₹6.4 CR
- Sweden: 52.3% → ₹4.77 CR
- Belgium: 53.5% → ₹4.65 CR
- Thailand: 35% → ₹6.5 CR
- Argentina: 35% → ₹6.5 CR
- Austria: 55% → ₹4.5 CR
- Norway: 39.6% → ₹6.04 CR
- UAE: 0% → ₹10 CR
- Israel: 50% → ₹5 CR
- South Africa: 45% → ₹5.5 CR
- Malaysia: 30% → ₹7 CR
- Denmark: 55.9% → ₹4.41 CR
- Singapore: 22% → ₹7.8 CR
- Philippines: 35% → ₹6.5 CR
- Ireland: 52% → ₹4.8 CR
- Vietnam: 35% → ₹6.5 CR
- Hong Kong: 15% → ₹8.5 CR
- Chile: 40% → ₹6 CR
- New Zealand: 39% → ₹6.1 CR
- Finland: 56.9% → ₹4.31 CR
- Colombia: 39% → ₹6.1 CR
- Portugal: 48% → ₹5.2 CR
- Czechia: 23% → ₹7.7 CR
- Hungary: 15% → ₹8.5 CR
- Greece: 45% → ₹5.5 CR
- Ecuador: 35% → ₹6.5 CR
- Peru: 30% → ₹7 CR
Rs 10 crore salary: How much you take home in US vs India vs UAE vs Finland? Here's a comparison