Income tax details based on salary: How to determine tax for salaries exceeding ₹12.75 lakh
On Saturday, Finance Minister Nirmala Sitharaman revealed tax reductions for the middle class while presenting her eighth consecutive Union Budget in Parliament. She announced that individuals earning an annual salary of ₹12 lakh will be exempt from paying income tax. However, what will be the tax amount for those with a salary of ₹13 lakh? Here’s the method to figure it out.
Individuals earning up to ₹12.75 lakh will not face any tax obligations.
Those with an annual income of ₹24 lakh or higher may reduce their income tax by approximately ₹1.10 lakh.
Based on government assessments, individuals with a yearly income of ₹13 lakh can expect to save ₹25,000 in tax.
For those with an annual income of ₹14 lakh, the savings will be ₹30,000, while individuals earning ₹15 lakh will save ₹35,000, and those making ₹16 lakh will see a savings of ₹50,000. Those earning ₹17 lakh will have saved ₹60,000.
If one's income reaches ₹18 lakh, they would save ₹70,000; for a salary of ₹19 lakh, the savings would be ₹80,000, with ₹90,000 saved for an income of ₹20 lakh.
Salaries at ₹21 lakh will allow individuals to save ₹95,000 on taxes, while those earning ₹22 lakh will save ₹1 lakh and those with ₹23 lakh will save ₹1.05 lakh.
For individuals earning above ₹12 lakh and who submit their income tax returns under the new tax framework, the Budget has updated the tax brackets for calculating tax obligations for the fiscal year 2025-26.
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