Question: Is 15 Lakhs A Good Salary In India?

What is Blue Chip Fund?

A blue-chip mutual fund is the one that invests in blue-chip stocks or shares, i.e.

in well-established companies with excellent overall financial performance..

How can I save my tax in 2020 21?

Let’s dive in!Ways to save on your income taxes. … Contribute to the National Pension System (NPS) … Get deduction on interest paid on your home loan. … Secure some amount for future. … National Saving Certificate. … Pay for health insurance. … Contribute a bit into charitable institutions. … Public Provident Fund (PPF)

Which tax regime is better for 20 lakhs?

If the total is equivalent to or exceeds Rs 2.5 lakh, then he/she would pay the same or less tax in the existing tax regime vis-à-vis the new regime….ParticularsTax payable in Existing RegimeTax payable in New RegimeStandard Deduction-50,000-Income under the head salary19,50,00020,00,0008 more rows•Feb 21, 2020

Is 15 lakhs good salary in Bangalore?

Originally Answered: Is 15 lac package sufficient in Bangalore ? It is definitely more than enough. Anything above 8LPA will be sufficient in Bangalore as the cost of living is not very high.

What is middle class income in India?

As of 2016, about 121 million households in India belonged to the middle-income bracket earning a gross annual income between 7,700 and 15,400 U.S. dollars.

How can I save 1 lakh in a year?

Reaching your Savings Goals Once you decide on a savings goal for your rainy day fund, plan to save an equal amount of money every month. For example, if you plan to save Rs. 1 lakh by the end of the year, all you need to do is save Rs. 8000 per month to reach your goal.

Is 80c removed in 2020?

[Budget 2020] Tax Rates Lowered But HRA, 80C, and INR 50,000 Standard Deduction Gone. In the Union Budget 2020, finance minister Nirmala Sitharaman proposed a new tax regime with lower tax rates for different income groups. … However, all without deductions.

What is considered a good salary in India?

A person working in India typically earns around 31,900 INR per month. Salaries range from 8,080 INR (lowest average) to 143,000 INR (highest average, actual maximum salary is higher). This is the average monthly salary including housing, transport, and other benefits.

What is India’s maximum salary?

The highest-paying jobs in India are basically in Healthcare, Data Industry, BFSI, and Marketing. The average salary range of most of the top jobs in these sectors ranges between Rs. 7 – 15 LPA, with the highest salaries going as high as Rs. 20 – 40 LPA.

Is 30000 a good salary in India?

If you stay in an urban area like Delhi, Mumbai, Banglore, Kolkata and other urban town you should have a monthly salary of at least 30k in order to have a peaceful month of basic necessities and healthy living ( you can live a middle class life easily in this salary).

What is CTC salary?

Gross Salary: Subtract gratuity and the employee provident fund (EPF) from Cost to Company (CTC), the amount that you get is your Gross Salary. It is the amount that you get before deduction of income taxes and other deduction such as bonus, overtime pay, holiday pay etc.

Can I invest more than 2 lakhs in NPS?

You can invest more than Rs 2 lakh in NPS to save even more tax. To avail the tax benefit, an individual should check with his/her employer if the employer is willing to contribute to the NPS account of the employee.

How can I save tax if I earn 20 lakh?

Salary structure is very important to keep taxes low. … Section 80C/80CCC/80CCD (Rs 1,50,000): Investment in EPF, ELSS, PPF, FD, NPS, NSC, Pension Plans, Life Insurance, SCSS, SSA and NPS. … Section 80CCD(1B) (Rs 50,000): Investment in NPS (Should you Invest Rs 50,000 in NPS to Save Tax u/s 80CCD (1B)?)More items…•

Why is salary so low in India?

Salaries in India are lower than in developed nations, because the cost of living in India is low. That in turn is because the cost of goods & services in India is much lower than in developed nations. That in turn is because in absolute dollar terms, per capita Indian consumption is much lower than developed nations.

What is the richest job in India?

List of Highest Paying Jobs In IndiaBusiness Management. Business Management or Business analysts are the highest paying jobs in India. … Doctors. … Air Hostess Or Cabin Crew. … Chartered Accountants. … Commercial Pilot. … Aeronautical engineer. … Actor. … Company Secretary.More items…

Is 25 lakhs a good salary in India?

Every fresher coming to search for a job mostly gets paid among 4 to 5 lakhs per annum in India except NIT and IIT grads who generally get paid 7 to 8 lakhs per annum. … But after almost 5 to 6 years of experience and with skills a person in India can get 25 lakhs to 30 lakhs per annum.

How can I save tax if I earn 10 lakhs?

Which regime should a taxpayer with an annual income of Rs. 10 lakhs choose?Standard deduction of Rs. … Deductions up to Rs. … Deductions for health insurance premiums under Section 80D.Deductions on the interest earned from a post office or bank savings account under Section 80TTA.More items…•

What is the tax on 15 lakhs?

As per the new tax slabs, individuals earning Rs 5 lakh to Rs 7.5 lakh will be taxed at 10 per cent and those from Rs 7.5 lakh to Rs 10 lakh would be levied 15 per cent. Those earning above Rs 15 lakh would need to pay 30 per cent tax.

How can I earn 50 lakhs in 15 years?

My suggestion to you would be to direct the money into a nifty index fund like HDFC Index Fund Nifty 50 Plan and Mirae Asset Large Cap Fund. At an expected return of 12 per cent per annum, your monthly investment of Rs 10,000 would help you to create Rs 50 lakh, not accounting for income tax, in 15 years.

How can I save tax if I earn 13 lakh?

Individuals earning salary of over ₹13 lakh a year to save under new tax regime. NEW DELHI : Individuals having an annual salary income of over ₹13 lakh and availing deductions of up to ₹2 lakh will save on their tax outgo if they opt for the new tax regime proposed in the Budget, government sources said on Sunday.

What is PM Modi salary?

Prime Minister of IndiaPrime Minister of Republic of India Bhārat ke PradhānamantrīFormation15 August 1947DeputyVacant, Deputy Prime Minister of IndiaSalary₹280,000 (US$3,900) (per month)Websitepmindia.gov.in16 more rows

How much monthly income is tax free?

Currently, annual income up to Rs 2.5 lakh is exempt from income tax. While a 5 per cent tax is charged for income between Rs 2.5 and 5 lakh. 20 per cent for income between Rs 5 lakh and Rs 10 lakh and 30 per cent for those earning above Rs 10 lakh. “The new tax regime shall be optional for taxpayers,” she said.

Is 40 lakhs a good salary in India?

42 lakhs per annum income is very good . 42 lakhs per annum salary is bad . … A large chunk of what your salary is will be tax deductions , performance based bonus , company perks which you may not need etc.

How can I become Crorepati in 5 years?

To get to Rs 1 crore in five years, you need to invest at least Rs 1.2 lakh, assuming an annual return of 12 per cent per year. You might get around Rs 45 lakhs if you invest Rs 50,000 for five years. Ideally, you should invest for a longer term in equities.

How can I save tax if I earn 12 lakh?

However, those earning ₹ 3,00,000 a year have to pay tax only on the additional ₹ 50,000….There are possible components for tax deductions which can help you save taxes:Gross Salary₹12,00,000Income Tax Due₹1,72,500Education Cess Tax Due₹ 6,9002 more rows

How can I save tax if I earn 15 lakh?

If you invest up to 1.5 lakh: If you have invested in Public Provident Fund, Employees Provident Fund, Sukanya Samriddhi Scheme, life insurance or health insurance premium, tax-saving fixed deposits from banks or post offices or any other provisions that allow tax exemption to the tune of Rs 1.5 lakh, you would still …

Who is considered rich in India?

Notably, India’s richest 1% includes more than 13 million people and their annual pre-tax income amounts to USD 77,000 or an estimated Rs 55 lakh, according to a Bloomberg report, titled, This Is What It Takes to be in the 1% Around the World.

Is 50k a good salary in India?

India is a poor country with very low per capita income. So in general, it is a very good salary. … You can fulfil all your goals in life with a starting salary of Rs. 50,000.

Can I invest more than 1.5 lakhs in 80c?

Although there is no restriction on the amount one can invest in it, investments up to Rs 1.5 lakh in a financial year is exempt under section 80C of the Income Tax Act.

Is 17 lakhs a good salary in India?

This salary range of Rs. 17 LPA for seven years of experience is really much above the median level salary and is good, for someone working in IT services companies. … If you are from a decent college, then no, 17 lakh is more or less fresher or first year salary for most companies these days.