How to save tax on 10 lakh salary
WebHow can I save tax if I earn 20 lakh? Tax Deductions . Section 80C Exemption – 1,50,000. NPS 80CCD(1B) Tax Exemption – 50,000. Medical Insurance (Self & Parents) – 60,000. … Web30 mei 2024 · The income tax department allows a deduction up to Rs. 1.5 lakh. 4. Long-Term Capital Gains. Long term capital assets are good options for saving on taxes. If …
How to save tax on 10 lakh salary
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Web17 jan. 2024 · This is a crucial threshold. If the taxable income is below Rs 5 lakh, the taxpayer becomes eligible for full tax rebate under Section 87A. In other words, no tax is payable if the net taxable income is below Rs 5 lakh. Intelligent planning allows a taxpayer to avail of all the deductions he is legally entitled to. Web1 mrt. 2024 · As per the latest tax regime, your deductions can go up to 3 lakhs per year. If you plan your investments carefully, you can save a lot of taxes. TDSTDS or Tax Deducted at Source means the tax is deducted directly from your salary. For maintaining a hassle-free tax pattern, most employers use TDS.
Web11 apr. 2024 · List of Deductions and Exemptions under Old Tax Regime. Investments under Section 80C up to Rs 1.5 lakh (Public Provident Fund, Equity Linked Savings Scheme (ELSS), Employee Provident Fund, Life ... Web12 apr. 2024 · 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 lakh in a financial year. Further, an individual having taxable income up to Rs 7.5 lakh can claim the benefit of standard deduction of …
Web10 jan. 2024 · The art of saving on income tax is not very difficult but basic knowledge of Income Tax is required. Let us see what exemptions can be availed so as to reduce the … WebIncome tax above 10 lakhs is taxable at the rate of 30% in the old tax regime, whereas the tax on 10 lakhs income up to Rs. 12 lakhs is taxed at a 15% rate. The old vs. new income tax regime slab rates for the taxpayer as per Union Budget 2024 is as follows: Surcharge
Web9 apr. 2024 · Updated: 09 Apr 2024, 08:11 PM IST Vipul Das. Tax savers should allocate their investments more wisely now that the new fiscal year, FY24, has already started in order to both fulfil their ...
Web16 dec. 2024 · Total Taxable Income After Deductions (Under Section 87A, Zero tax up to Rs. 5,00,000) 4,50,000. Also Read: How To Save Tax For Salary Above 10 Lakh in India? As can be seen from the table above, after claiming the maximum deductions in the ITR, the total taxable income for the FY 2024-23 for a CTC of Rs. 20 lakhs comes to Rs. … images of melting snowmanWeb30 mei 2024 · The income tax department allows a deduction up to Rs. 1.5 lakh. 4. Long-Term Capital Gains. Long term capital assets are good options for saving on taxes. If someone sells their house which is a long term capital asset and uses the amount to invest in another house, then they can seek exemptions u/s 54 of ITA. images of memorial messagesWeb12 apr. 2024 · 7 lakh to Rs. 10 lakh: 10%. 10 lakh to Rs. 15 lakh: 20%. 15 lakh and above: 30%. The new tax regime also offers an option to taxpayers to continue with the old tax … images of memorial poemsWeb13 apr. 2024 · Check out here how to save tax for salary above 12 lakhs. Products. ENTERPRISE. GST. MaxITC. Invoice Discounting. E-Invoicing & E-Way Bill. TDS. See all ... Take a look at this article if you are looking for tips on how to save tax for a salary above Rs 12 lakh. How to Save Tax if You Have an Annual Salary of Above Rs 12 Lakh? images of memorial flowersWeb3 jun. 2024 · Almost 50% of the total Income Tax returns filed in AY19, reported Income from Salaries of which more than 10% reported a Salary of between Rs. 10 to Rs. 20 lac. There are several provisions in the Income Tax Act that allow you to manage your CTC and its components in a manner that will reduce your tax liability to the bare minimum. images of memorial servicesWeb21 feb. 2024 · Perhaps the first and the best way to save on taxes is to exhaust the section 80C tax benefit. Several investments and expenses are eligible under section 80C. You … images of melted chocolateWeb22 feb. 2024 · Individuals can claim deductions up to Rs. 1.5 lakh per annum for the amount paid towards tuition fees for their child’s education for a maximum of 2 children. SCSS (Senior Citizens Savings Scheme) SCSS investments offering 7.4% returns are tax-deductible up to Rs. 1.5 lakh. SCSS is available only to those above 60 and has a tenure … list of angelic appearances in the bible