I am a lower middle class indian and i want to know how the people who have more than 10lakh of yearly income manage their income and give tax on that?
i never earned these much money but i want to know how to manage and what is the process of giving income tax and crypto tax.
10 lakhs INR yearly equals to 83,334 INR monthly income which is almost to achieve by business individuals, IT employees even many professionals such as Doctors, Engineers, Pilots, etc.
You can use old both and new tax regime but here I am taking old tax regime to calculate the taxable amount for 10 lakh INR
₹2.5 lakh at 0%: ₹0 (No tax)
₹2.5 lakh (₹5,00,000 - ₹2,50,000) at 5%: ₹12,500
₹5 lakh (₹10,00,000 - ₹5,00,000) at 20%: ₹1,00,000
Total Income Tax: ₹1,12,500
But to get all the tax benefits then it is better to approach the professional such as financial advisors and auditors to get the most economic value.