What is the tax rate for ₹60,000 salary per month?

The income tax rate on a monthly salary of ₹60,000 will depend on the income tax regime chosen by the individual.

As per Budget 2024 (AY 2024-25), under the old tax regime, the annual taxable salary will be ₹60,000 x 12 = ₹7,20,000. This falls under the tax slab of ₹5-10 lakhs, which is taxed at 20%.

So, the total tax on ₹7,20,000 annual salary will be -

Tax at 20% of ₹7,20,000 = ₹1,44,000

This means the total tax liability on a ₹60,000 monthly salary under the old regime is ₹1,44,000 annually.

However, under the new tax regime, the rebate for income up to ₹7 lakhs can be claimed. Hence, the tax payable will be Nil.

To summarise, the tax on a ₹60,000 monthly salary will be Nil if the new tax regime is opted for. Under the old regime, it will be ₹1,44,000 annually.