Question

2) How much tax should be paid by a person having annual income RS 240.000?​

Answer 1

What is the Existing / Old tax regime?

Income Range Tax rate Tax to be paid

Up to Rs.2,50,000 0 No tax

Between Rs 2.5 lakhs and Rs 5 lakhs 5% 5% of your taxable income

Between Rs 5 lakhs and Rs 10 lakhs 20% Rs 12,500+ 20% of income above Rs 5 lakhs

Above 10 lakhs 30% Rs 1,12,500+ 30% of income above Rs 10 lakhs