How much tax do I need to pay for fixed pay - 525000,
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Don't pay taxes, manipulate in IT returns.
Who pays tax for this amount of fix pay, Man you need to consult a CA if you can’t handle these things, trust me! I’m earning more than 8L fixed, still I pay no tax. Learn to manage your earings to save tax.
Can you please explain how do you manage tax and leverage benefits
Your fixed is 525000.
Standard Deduction- 50000,
PF Deduction - 1800x12= 21600,
House rent allowance- 8000x12 = 96000.
Final taxable salary - 525000 - 5000 - 21600 - 96000 = 402400.
Your taxable salary is 402400, which is less than 5 Lac so no tax.
Note you can do more investments like health insurance for parents, tax saving mutual funds, life insurance,etc. to save your tax.
Correction above -> 525000 - 50000 - 21600 - 96000 = 357400. Taxable salary is 357400. Still no tax though.
After pf deduction your taxable income will be less than 5lpa. So basically u will not be paying any tax.
So what will be the monthly pay for 525000 🧐
In range of 38k-40k
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