Question 1

How do I calculate GST on a product or service?

Accepted Answer

Use the free GST Calculator at LegalX India: enter the base amount and select the GST rate (5%, 12%, 18%, or 28%). The calculator instantly shows CGST, SGST/IGST, and total amount with GST. You can also reverse-calculate to find the pre-GST price.

Question 2

What is the income tax for a salary of Rs.10 lakh in India?

Accepted Answer

For a salary of Rs.10 lakh in FY 2024-25: Under the new tax regime, tax is approximately Rs.54,600 (after Rs.75,000 standard deduction). Under the old regime with standard deduction, it is Rs.1,09,200 before any Section 80C/80D deductions. Use LegalX India free Income Tax Calculator to compare both regimes for your exact situation.

Question 3

How is in-hand salary calculated from CTC?

Accepted Answer

In-hand salary = CTC minus Employer PF contribution (12% of basic) minus Professional Tax minus TDS on salary minus any other deductions. For a CTC of Rs.6 lakh per year, the in-hand salary is typically Rs.42,000-Rs.46,000/month. Use the free Salary Calculator at LegalX India for precise calculations including EPF, gratuity, and income tax.

Question 4

How much do I need to invest in SIP to get Rs.1 crore?

Accepted Answer

To accumulate Rs.1 crore through SIP: investing Rs.5,000/month at 12% annual return for 25 years, Rs.8,000/month for 20 years, or Rs.14,000/month for 15 years. Use LegalX India free SIP Calculator with exact amounts and time horizon for personalized results.

Question 5

What is the TDS rate on salary in India?

Accepted Answer

TDS on salary is deducted at the applicable income tax slab rate. There is no fixed percentage. For FY 2024-25, under the new regime: 0% up to Rs.7 lakh (with rebate), 5% for Rs.3-7 lakh, 10% for Rs.7-10 lakh, 15% for Rs.10-12 lakh, 20% for Rs.12-15 lakh, 30% above Rs.15 lakh.

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