₹24 LPA Salary: How Much Tax Will You Pay and What Will Be Your In-Hand Salary?

Synopsis: This article breaks down how much tax you will pay on a ₹24 LPA salary and what your in-hand income looks like under the New Tax Regime.

A salary of ₹24 lakh per annum easily puts you in the higher-income category. While the total CTC may seem impressive, what really counts is how much you take home after income tax and mandatory deductions. This makes tax planning an important part of your financial choices.

For salaried professionals, especially those considering job offers, raises, or a change in tax systems, knowing the exact tax amount on a ₹24 LPA salary helps to create realistic expectations about their monthly take-home pay.

Overview of the New Tax Regime (FY 2025-26)

The new tax regime is an alternative income tax structure that provides lower tax rates with simpler tax slabs but with fewer deductions and exemptions. The new tax regime was introduced earlier and later revised in Budget 2025. The same slabs continue for FY 2025-26 and FY 2026-27. Although the default regime set by the government is the new tax regime, taxpayers can choose between the new and old tax regimes depending on their financial goals.

New Income Tax Slabs for FY 2026-27

Also read: Income Tax Slabs FY 2025–26 Explained: How Much Tax Will You Pay Under New Regime?

Tax Slab Breakdown for ₹24 LPA Salary under New Tax Regime

• For an individual with a ₹24 LPA salary, after the standard deduction of ₹ 75,000, the net taxable income is ₹23,25,000. 

Additionally, a 4% Health and Education cess is added, which is ₹11,250. This increases the total tax payable to around ₹2,92,500.

Section 87A

Section 87A rebate under the new tax regime ensures that individuals with taxable income up to ₹12 lakh pay no income tax after applying the standard deduction. This rebate makes the new tax regime especially appealing for middle-income earners, but it stops once taxable income exceeds ₹12 lakh, even slightly. For higher salaries, such as ₹24 LPA, the Section 87A rebate is not available, and tax is payable according to the applicable slabs along with health and education cess.

Deductions and Exemptions

Under the new income tax system, most traditional deductions and exemptions, such as those under Section 80C, House Rent Allowance (HRA), Leave Travel Allowance (LTA), and interest on home loans, are not available. 

Along with the standard deduction, certain employer-provided benefits are allowed by law. As a result, the final tax payable and in-hand salary may differ based on an individual’s salary structure and eligible components, even within the new system. Tax calculations should therefore be seen as indicative rather than final.

In-Hand Annual Salary After Tax for a ₹24 LPA Salary

For an individual with a ₹24 LPA salary, let’s assume the basic pay is 40% of the salary, which is ₹9,60,000, and the employee’s PF is 12% of basic pay. We will take the professional tax, which varies by state, as ₹2,400.

Note: The tax and in-hand salary figures above are indicative estimates based on standard assumptions under the new tax regime. Actual take-home pay may vary depending on salary structure, deductions, employer benefits, and state-specific charges.

A ₹24 LPA salary might sound like it is a lot of money, but the actual take-home pay relies very much on income tax and mandatory deductions. Knowing how the tax bracket, deductions, and exemptions work can help salaried professionals estimate their in-hand salary for better budgeting of finances. 

Written by Nila Maria Jacob