How to save tax on salary income of 15 lakhs

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August undefined, 2024

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) Web5 mrt. 2024 · Finance Minister Nirmala Sitharaman announced the new tax regime in Budget 2024 giving taxpayers the option to choose between it and the existing tax structure …

new income tax regime: Old vs new income tax regime for …

Web18 jan. 2024 · Even those who earn a healthy Rs 10 lakh per annum can plan for zero taxes. Assuming a person who has Rs 10 lakh per annum in salary income and Rs … 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 … high chools ins oth asia isntagram

How to Save Income Tax on Salary & Tax Saving Schemes

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 … 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 … Web10 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... how far is union station from 600 19th st nw

How to Save Tax For Salary Above 15 Lakhs?

10 Best Tips to Save Income Tax on Salary in FY 2024-23

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 … Web4 feb. 2024 · If you earn ₹15 lakh, you save ₹15,600 with the new tax regime but you can’t ... If you’re a person with a salary of ₹15 lakh per ... Taxable income ₹10.15 lakh ₹15 … high chords lyricsWeb30 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 … high cholo

"Web25 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 … " - How to save tax on salary income of 15 lakhs

How to save tax on salary income of 15 lakhs

How to Calculate Income Tax on Salary with example - ET Money …

Web11 apr. 2024 · Also Read: New Tax Regime Calculator 2024-24: How much tax you will have to pay on Rs 9 to Rs 15 lakh income. ... By carefully investing in tax-saving instruments and claiming exemptions, ... Web26 nov. 2024 · 13, 500. 13,500. Tax payable. 3,51,000. 3,51,000. Now that you know the best way of tax saving for income above 15 lakhs, you can opt for iSelect+ Term Plan from Canara HSBC Life Insurance, that not only offers your family financial security at affordable rates but also comes with tax benefits. Choose from whole life cover or increasing cover ...

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WebThe best way to save tax for a salary above 15 lakhs is to opt for the old tax regime and claim all the available deductions and exemptions on tax-saving investments. Alternatively, you can follow the new tax … Web3 jun. 2024 · New Delhi: Budget 2024 saw Finance Minister Nirmala Sitharaman provide taxpayers with 2 options - one, assessees pay tax as per the existing regime and tax …

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. 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 …

WebNO INCOME TAX UP TO TOTAL INCOME OF RS. 15 LAKHSFor ITR FILING SERVICES AND GST REGISTRATION CONTACT ON WHATS APP NO.9810200828You can Visit … Web24 jan. 2024 · Any individual or HUF can get a tax deduction up to Rs.1,50,000 per financial year under Section 80C of the Income Tax Act. The deduction can be claimed basically …

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

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 … high chop corn silageWeb19 dec. 2024 · Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number … high chowWebIndia Income Tax and Salary Example for ₹ 1,400,000.00. This illustration provides a salary calculation for a resident of India earning ₹ 1,400,000.00 per annum in the … highchool stage crew contractWeb12 apr. 2024 · Here are some of the financial tools that can help save up to Rs.1.5 lakh: Public Provident Fund ( PPF ): This saving scheme can be availed at most banks and post offices in Indian for a tenure of 15 years at 7.10% rate of interest, which is tax-free, and the interest rate changes every quarter. high chools ins sotih asiaWeb16 mrt. 2024 · The tax-saving options available in the 80C basket include life insurance premium, principal payment portion of a home loan, investments in five-year tax-saving bank fixed deposits (FD), National Pension System (NPS), Public Provident Fund (PPF), National Savings Certificate (NSC), Sukanya Samriddhi Yojana, ELSS etc. how far is union city tnWeb13 apr. 2024 · While filing your income tax return, if your taxable income is less than Rs.5,00,000 after incorporating all the applicable deductions and exemptions, you can … how far is universalWeb21 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. how far is uniondale ny from nyc