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If my monthly gross salary is precisely INR 40,000 , how much will I be paying as tax per month? Can I in any way save that tax? - Hire CA : Knowledgebase
Total for the year works out to Rs. 480000. Check for any admissible rebates like house rent allowance etc. Following is tax rate for current year.
Income Slabs ——— ——— ———— ————Tax Rates
Where the taxable income does not exceed Rs. 2,50,000/-. — NIL
Taxable income Rs. 2,50,001 to Rs. 5,00,000. —5% of amount by which the taxable income exceeds Rs. 2,50,000/-. (Plus 3% cess on tax)
You can save tax by investing in tax saving schemes like
EPF -Employees Provident Fund,
PPF - Public Provident Fund.
Equity Linked Savings Schemes like Reliance Tax saver or DSP Black Rock tax saver - It has a lock in period of 3 years (You cannot withdraw before 3 years). This is the best tax saving option. Long term return may be about 15%
You can invest Rs. 150000 in tax savings. This amount will be deducted from taxable income. You can save Rs. 7500 tax. Else your ax liability for the year will be 480000 - 250000 = 2300000 X 5/100 =11500 + 345 (cess) = 11845 or Rs. 1000 per month.
