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How to save tax on 10 lakh salary

Web17 feb. 2024 · 10 Simple Ways to Save Income Tax on Salary Individuals and businesses pay income tax, a type of tax imposed by the government on money earned within a fiscal year. One of the government’s primary sources of revenue is taxes. This money is used to create infrastructure, provide healthcare, educate children, and offer agricultural … 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. …

How to Save Tax for Salary above 15 Lakhs in India? - Canara …

Web3 feb. 2024 · Next, you can invest Rs 1.5 lakh under Section 80C of the Income Tax Act, which allows you to save deductions on tax-saving bank deposits, Public Provident Fund (PPF), National Savings Certificate ... Web1 mrt. 2024 · Net Tax Payable. ₹52,500. To pay zero tax on salary of 10 lakhs, you must take the advantage of salary exemptions and deductions. From the above example, because Mr Arun had good enough tax exemptions and deduction expenses, the net tax payable was Zero. Under the new regime, Mr Arun will have to pay INR 75,000 till FY 22 … porsche 616 https://dogflag.net

Old Tax Regime Vs. New Tax Regime 2.0 – A Quick Guide With …

WebZero Tax Paying Salary up to 10 Lakh income on FY 2024-20 Salary 10,00,000 Section 80 C exemption -1,50,000 contribution to NPS -50,000 health insurance premium payment -50,000 interest... Web12 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 … Web3 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. sharp r930akp repairs

How To Save Income Tax in India 2024: 11 Ways To Reduce …

Category:How To Save Income Tax On Salary: 15 Best Ways (2024 Update) …

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How to save tax on 10 lakh salary

How to Save Tax for Salary above 15 Lakhs in India? - Canara …

Web13 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? Web5 jan. 2024 · Income Tax Savings: If your annual salary is over Rs 10 lakh, you will have to pay the government a large part of your earnings in the form of tax. However, if you think …

How to save tax on 10 lakh salary

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Web21 feb. 2024 · Investing money in tax-saving instruments. The government encourages citizens to invest in the tax-saving investments mentioned under section 80C of the … Web6 apr. 2024 · 35 Easy Ways to Save Income Tax in India 202 3 #1. Interest Income on Saving Account #2. Interest Income on NRE Account #3. Maturity or Claim Amount …

WebIf your salary is above Rs.10 lakhs and you want to save taxes in the old tax regime, here are some ways to do so: Understand Your Salary Structure Your salary comprises various tax-exempt allowances. So, the remaining portion of the salary is your taxable income. Thus, Salary minus exemptions = Taxable salary income Web12 apr. 2024 · Tax Saving Fixed Deposits ( FD ): This FD scheme is for a tenure of 5 years and provides tax deduction of up to Rs.1.5 lakh. The rate of interest ranges between 7.00% to 8.00%, which is taxable. National Saving Certificate ( NSC ): This scheme is for a tenure of 5 years and offers a 6.80% rate of interest.

Web6 jan. 2024 · Here’s how you can save income tax: 1. Deduct Rs.50,000 as the standard tax deduction Rs 10,50,000 - Rs 50,000 = Rs 10,00,000 2. Now, you can start your savings by first investing in... 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 …

Web1 mrt. 2024 · To pay zero tax on salary of 10 lakhs, you must take the advantage of salary exemptions and deductions. From the above example, because Mr Arun had good …

Web16 feb. 2024 · In table 1, a salaried individual has claimed HRA exemption and standard deduction from salary income. The net income taxable salary then comes down to Rs … porsche 550 spyder replica subaru poweredWeb15 dec. 2024 · If you want to know how to save tax on 10 lakh salary, you should first understand your Salary Structure to be able to save more. There are various grants and … porsche 718 boxster hpWeb22 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 … porsche 5 speed shift bootWeb10 apr. 2024 · 3) If you have just 80C deduction of Rs 1.5 lakh then new tax regime might be better as back-of-the-envelope calculations show that for an individual who just avail a … porsche 595 original selling priceWebCreditMantri porsche 5 x 130 wheelsWeb10 mrt. 2024 · Conclusion. In conclusion, choosing the old tax system and utilizing all available deductions and exemptions on tax-saving investments is the best way to reduce your tax liability for a salary above Rs. 10 … porsche 718 boxster 2020Web9 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 … porsche 718 2022 model year