Is 10 lakhs a good salary in India Quora?

10 lakhs per annum means the person earns around 80 to 90 thousand a month. Well, technically the person can easily lead a comfortable middle class lifestyle in India. Atleast at Kolkata earning that much money is enough to be labelled as belonging from High-Income-Group.

Is 50 lakhs per annum a good salary in India?

Some dreams do come true and you reach a goal of having an annual income of 50 lakhs. The lifestyle that comes with it is luxurious to say the least. You can look forward to owning a large home in a posh locality, furnishing it well, ride the car of your dreams, and wear the best brands that markets can offer.

What is a good salary in India per annum?

If we talk on average considering all the factors then it comes out to be around Rs 30,000 per month is a good salary with the average standard of living.

Is 65000 a good salary in Kolkata?

A person working in Kolkata typically earns around ₹60,000 per month (After tax) and it’s not qualification specific. ₹60,000 is a good salary according to the average cost of living which is ₹40,000.

What is lakhs per annum?

Given that salary is 5 lakh per annum. Annual salary = 5 lakh. Annual salary = 500000. As one annum means 12 months, monthly salary will be – Monthly salary = annual salary / 12.

What is the rate of income tax on 10 lakhs?

Income between Rs 5 and 7.5 lakh will be taxed at 10 per cent, while earning of Rs 7.5 and 10 lakh to attract 15 per cent tax. Those earning a salary between Rs 10 and 12.5 lakh will pay tax at the rate of 20 per cent, while income between Rs 12.5 and Rs 15 lakh will be liable to pay 25 per cent tax.

How many people in India earn 5+ lakhs in a year?

In the group of five plus lakh income, 74\% were in a service. Only about 1,72,000 people in india were getting 50+ lakh in that year. And very few (only about 48500) were getting more than 100 lakhs INR in an year, the data showed.

What is the average savings of a person with 14 lakhs?

On salary of Rs 14 lakh a year, savings would be Rs 10,400; and for those with income of Rs 15 lakh and above, savings would be Rs 15,600, provided the deductions claimed are up to Rs 2 lakh.

What is the current tax slab for income tax in India?

However, the other tax slabs remain unchanged. People who earn more than Rs. 5 lakh per annum will still need to pay tax as per their slab. If your income is between Rs. 5 lakh to Rs. 10 lakh, you will need to pay 20\% of your taxable income to the government.