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

Income tax deductions: salaried taxpayers should assess allowances, housing loan and investment deductions and compare tax regimes.
Evaluate deductible components-House Rent Allowance, housing loan interest and principal, investment-related deductions, health insurance premiums and charitable contributions-and compute tax liabilities both under the legacy regime with applicable deductions and under the alternative regime without many exemptions to determine which yields a lower tax. Given factual variability, obtain a specialist's anticipatory computation.