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I earn ₹22 LPA. What are my tax liabilities?

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Anil Rego  |388 Answers  |Ask -

Financial Planner - Answered on Feb 01, 2025

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more
Asked by Anonymous - Feb 01, 2025Hindi
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Hi samkit, Please let me know the tax accountability of a person who earns 22 LPA. Regards

Ans: Considering an annual income of ?22 LPA as salary income, the standard deduction of ?75,000 is applicable, resulting in a total tax liability of ?2,31,250 under the new tax regime. After including the 4% cess, the total tax payable will be ?2,40,500. If the income is from sources other than salary, the standard deduction will not be applicable.
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