Understanding Salary Tax Deductions in India for 2024

Learn about salary tax deductions in India for 2024, including tax slabs and exemptions.

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In India, the tax deducted from salary in 2024 primarily depends on the applicable income tax slab rates. For individuals below 60 years, the basic exemption limit is Rs. 2.5 lakhs. Income between Rs. 2.5 lakhs and Rs. 5 lakhs is taxed at 5%, between Rs. 5 lakhs and Rs. 10 lakhs at 20%, and above Rs. 10 lakhs at 30%. Salary components like HRA, EPF, and professional tax can also impact the actual taxable income.

FAQs & Answers

  1. What is the basic exemption limit for income tax in India in 2024? The basic exemption limit for individuals below 60 years in India in 2024 is Rs. 2.5 lakhs.
  2. How are salaries taxed in India above Rs. 10 lakhs? In India, any salary income exceeding Rs. 10 lakhs is taxed at a rate of 30%.
  3. What are the tax rates for different income slabs in India for 2024? For 2024, income between Rs. 2.5 lakhs and Rs. 5 lakhs is taxed at 5%, between Rs. 5 lakhs and Rs. 10 lakhs at 20%, and above Rs. 10 lakhs at 30%.
  4. How do components like HRA and EPF affect taxable income in India? Salary components such as House Rent Allowance (HRA), Employee Provident Fund (EPF), and professional tax can reduce the overall taxable income of an individual in India.

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