How to save tax on salary income of 15 lakhs

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Web23 feb. 2024 · You can further save tax by investing additional Rs 50,000 in NPS. Do keep in mind that this deduction is available over and above the tax benefit available under section 80C. Thus, you can save tax by investing up to Rs 2 lakh in a financial year -Rs 1.5 lakh under section 80C and Rs 50,000 under Section 80CCD (1b). Section 80CCD (2) Web10 mrt. 2024 · To save tax for salary above 15 lakhs, you can get a deduction under various sections of the Income Tax Act, by investing in various investment options. It …

Expert Tips: How to Save Tax for Salary Above 20 Lakhs Wishfin

Web1 mrt. 2024 · You can pay zero tax on a salary of 12 lakhs, provided you have invested in tax savings options and claim applicable deductions and exemptions. Under the old … Web4 feb. 2024 · Suggestion to Consider for making Income Tax Zero when Income is Rs 20.41 Lakhs Per Annum Include all those components that are tax-free For availing … great in school

How to pay zero tax on annual income of Rs 10 lakh. Details here

Web15 dec. 2024 · There are many ways which can be opted to save income tax for individuals with a salary above INR 10,00,000. But, if you are not sure about tax planning, you are … Web10 apr. 2024 · Scenario 3 – Higher Income level, along with higher deductions: From the table illustration, one could notice, as the income level goes up, the deduction level also … WebAnswer (1 of 2): One of the perks of a new year is that it marks a fresh start for everything, including how we manage our finances. For a large portion of working professionals who … great in russian language

How to save tax on a 15 lakhs salary - Quora

Income Tax on a Salary of ₹8 Lakhs & ₹10 Lakh per Annum - Vakil …

Web16 dec. 2024 · If your taxable income is up to Rs. 15 lakhs, you can claim tax deductions worth Rs. 10,000 on the interest earned on savings banks account. This is as per … WebInvesting in the National Pension Scheme (NPS) is an effective way to save tax for those earning a salary of more than 20 lakhs annually. NPS offers several attractive tax … great in quantity or amount : many muchWebAlthough the doing away of exemptions and deductions simplifies compliance, taxpayers who exploited deductions to the fullest may pay more tax under the new regime. The budget has tried to put more money in the hands of taxpayers by curtailing the incentives to save. The tax exemption given to incomes up to Rs 5 lakh remains unchanged. great in short form

"Web10 apr. 2024 · Similar calculation shows that if the total of deductions exceeds Rs.4,25,000, Old TR becomes attractive across income levels above Rs.15.50 lakhs, with same tax outgo differential between Old TR and New TR. Higher the deductions, the more the tax differential advantage in Old TR. " - How to save tax on salary income of 15 lakhs

How to save tax on salary income of 15 lakhs

How to Save Income Tax on Salary & Tax Saving Schemes

Web10 mrt. 2024 · To save tax for salary above 15 lakhs, you can get a deduction under various sections of the Income Tax Act, by investing in various investment options. It can be done by opting for ELSS mutual … Web2 dagen geleden · The income tax slabs has been revised from 6 to 5 under the new tax regime Basic exemption limit hiked to Rs 3 lakh from Rs 2.5 lakh under the new tax regime Standard deduction introduced for salaried individuals, pensioners under the new tax regime Highest surcharge rate reduced to 25% from 37% under the new tax regime

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Web1 mrt. 2024 · So if you are calculating your salary income tax for the financial year 2024-23, ... The lock-in period can be extended up to 15 and even 20 years. ... Tax saving … WebAlthough the doing away of exemptions and deductions simplifies compliance, taxpayers who exploited deductions to the fullest may pay more tax under the new regime. The …

Web1 mrt. 2024 · You can pay zero tax on a salary of 15 lakhs, provided you have invested in tax savings options and claim applicable deductions and exemptions. Under the old … Web12 apr. 2024 · Zero tax payable for income up to Rs 7 lakh An individual opting for the new tax regime for FY 2024-24 will pay zero tax if the taxable income does not exceed Rs 7 …

Web4 feb. 2024 · After the Budget 2024 introduced a series of changes, the new tax regime has become very attractive for people with salary income of up to Rs 7.5 lakh as they will … Web1 mei 2024 · I) Save tax on rent payment 1) House Rent Allowance If you are living in a rented house, it can help you save tax through HRA deduction. Maximum HRA …

Web13 apr. 2024 · Your salary component may include various tax-exempt allowances. The remaining salary will be your taxable income. Salary (-) Exemptions = Taxable Salary …

Web21 feb. 2024 · Tax deduction when taking out a home loan: If you use section 80C of the Income Tax Act to your advantage when structuring your house loan and reducing your taxable income, you can get a benefit of Rs. 1.5 lakhs on the principal amount and Rs. 2 lakhs on the interest paid as per section 24. floating light barWeb25 aug. 2024 · You can get an additional Rs 50,000 benefit under this section if you invest in NPS and can save a tax of Rs 15,600. Therefore, the total deduction under Sections 80C and 80CCD (1B) comes to Rs 2 lakh. INTEREST ON EDUCATION LOAN There is no maximum deduction limit under this section. great inscriptionsWeb27 feb. 2024 · Opting for the old tax regime enables usual tax filing, allowing all the erstwhile exemptions under Section 10 and Schedule VI A deductions available to … great in romanianWebThis illustration provides a salary calculation for a resident of India earning ₹ 1,600,000.00 per annum in the 2024/24 Tax Year based on the 2024 Income Tax Slabs. You can read … floating light bulb illusion explainedWeb10 apr. 2024 · This along with a standard deduction of Rs 50,000 makes income up to Rs 7.5 lakh tax-free under the New Regime. However, other employees having higher salaries need to declare their choice... floating lift tank size chartWeb13 mrt. 2024 · The income tax on a salary of ₹10 lakhs per annum in India as per the 2024 budget is ₹1,40,000/- per annum. This means that if you are earning a salary of ₹10 … floating life vacalloWeb25 mrt. 2024 · 1. Take A Home Loan. Taking a housing loan is one of the best ways to save tax. It provides several deductions. Ordinarily, you’ll get deductions up to Rs 1.5 lakh on … floating light bulb for pools