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Budget 2025 Tax: 18 Lakh Earner - How Much to Pay & Slab Calculation?

Anil

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
Ujjwal Question by Ujjwal on Feb 01, 2025Hindi
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In today’s budget- how much tax will I pay if I earn Rs 18 lakhs. Tax on 6 lakh only or as per slabs below 12 lakhs also?

Ans: Income tax is nil only on income upto Rs.12 Lakhs. Considering an annual income of ?18 LPA as salary income, you’ve to pay tax for the entire 18 Lakhs starting from Rs.0 to Rs.18 Lakhs as per slab rate.
So here the standard deduction of ?75,000 is applicable, resulting in a tax liability of ?1,45,250 under the new tax regime. After including the 4% cess, the total tax payable will be ?1,50,800.
If the income is from sources other than salary, the standard deduction will not be applicable.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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