Income Tax Deducation for Annual salary 20 lakh & who much tax will make.

[AkashDeep Singh]

please suggest the deducations for Salary person with annual income 20 Lakh.

who much tax will make???

[Padmanathan KV]

Pls consult an expert as so many factors are involved in your query such as types of allowances received by the salaried like HRA, etc, whether he has housing loan, deductions under 80C/80D/80G and so on. Also tax has to be computed under normal rates as well as new regime to see which is more beneficial.

Hence, it is a advisable to consult an expert and get an anticipatory computation prepared.

AI Summary

Consult a Tax Expert for Accurate Deductions on 20 Lakh Salary: Consider Sections 80C, 80D, 80G, and New Regime. An individual inquired about tax deductions for an annual salary of 20 lakh and the amount of tax payable. A respondent advised consulting a tax expert due to the complexity of factors involved, such as allowances, housing loans, and deductions under sections 80C, 80D, and 80G. The respondent suggested comparing tax calculations under both the normal rates and the new regime to determine the most beneficial option, emphasizing the importance of professional guidance for accurate anticipatory computation.