How to save tax on 12 lakh salary

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August undefined, 2024

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 regime, your net tax payable can be zero if you claim for all … Web10 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 …

How to save income tax on salary of Rs 10 lakh and above in FY …

Web20% of total income over and above ₹5 Lakh + ₹12,500) Above ₹10 Lakh. 30% of the total income over and above ₹10 Lakh + ₹1,12,500) An additional health and education cess at 4% of the total tax payable is levied. A surcharge of 10% of the total income also has to be paid by people earning higher than ₹50 Lakh annually. Web6 apr. 2024 · You can save tax on both of your entities by investing in various tax saving options like under section 80C. You will virtually pay no taxes on your secondary income … how to rewatch a show

How to Save Tax for a Salary of 12 Lakhs? - scripbox.com

Web21 dec. 2024 · 20% of total income over and above ₹5 Lakh + ₹12,500) Above ₹10 Lakh. 30% of the total income over and above ₹10 Lakh + ₹1,12,500) An additional 4% of the total tax payable is taken as a health and education cess. People making more than 50 lakh rupees annually must also pay a surcharge of 10% of their overall income. WebThe amount that can be claimed as a deduction under section 80C is limited to a maximum of Rs. 1.5 Lakh p.a. (Increased from Rs 1 Lakh to Rs 1.5 Lakh in the Budget 2014). The total taxable income computed after deduction under section 80C is liable to tax as per the income tax slabs of the taxpayer for that year. 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 ... northern ales brewery

How to Save Tax for Salary Above 30 Lakhs?

How to Save Tax For Salary 10 Lakhs and Above? - Bajaj Housing …

Web2 dagen geleden · For an annual Salary Income of Rs 12 lakh, ... If your tax-saving investments or spends is above Rs 3,12,500 then the old tax regime will be better for you, according to a calculation by Clear. 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 … how to rewatch nba games onlineWeb12 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. how to rewarm pizza in air fryer

"WebIf CTC 10 LPA is all fixed, then you will get around 72000 in-hand including the food coupons which the companies give to reduce the tax burden of the employees. Food coupon Sodexo - 2000. So for a person earning 10 LPA will get around 72000 in hand. Basic thumb rule to calculate in-hand is to divide the CTC by 14 . " - How to save tax on 12 lakh salary

How to save tax on 12 lakh salary

35 Easy Ways to Save Income Tax in India (Updated for FY 2024 …

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 regime, your net tax payable can be zero if you claim exemptions and invest in tax-saving schemes. In case you are following the new tax regime for FY 20-21, FY 21-22 & FY 22-23 the net ... Web10 mrt. 2024 · Here is everything you need to know about how to save tax for salary above 10 lakhs. How to Save Tax for Salary above 10 Lakhs. 10 March 2024. ... Read this blog if you want to pay no tax on 10 lakh income. ... >12.5 lakhs – Rs 15 lakhs. 30% + Rs 1,12,500. 25% + Rs.1,25,000 >15 lakhs and above.

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Web12 apr. 2024 · 2. How to Calculate Income Tax on Salary with an Example. Your salary is inclusive of Transport Allowance, Special Allowance, House Rent Allowance (HRA), and Basic Salary. In the old regime, certain salary components such as leave travel allowance, telephone bill reimbursement, and a part of the HRA were exempt from tax.However, if … Web4 feb. 2024 · How to save higher taxes in old regime if income is Rs 12 lakh: The more deductions you claim over and above Rs 3 lakh, the higher your tax saving will be when compared with the new tax regime. You may have to pay zero tax if you claim a total deduction of Rs 7 lakh.

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. … Web17 feb. 2024 · Rs 7.5 lakh to Rs 10 lakh- 15% Tax rate. Rs 10 lakh to Rs 12.5 lakh- 20% Tax rate. Rs 12.5 lakh to Rs 15 lakh- 25% Tax rate. Rs 15 lakh- 30% Tax rate Most deductions, such as deductions and exemptions, are not available to taxpayers who choose the New Tax regime. However, under the new regime, the following exemptions and …

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 … WebHow can I pay less income tax in India? People can save tax if they invest money in shares and mutual funds. Under Section 80CCG of the Income Tax Act, citizens who earn below Rs. 12 Lakhs annually are allowed an additional deduction if they invest money in shares of certain companies and some specified mutual funds.

Web10 apr. 2024 · Another 50k for yours and parents health insurance, 75 if they are senior citizen. 25k premium included in 80D, now we have to find possible legal or illegal ways to claim Refund to max like inflate rent to claim max HRA exemption, LTA and any other exemptions from salary possible under sec 10 etc., Quote. how to rewatch a series on netflixWeb18 jan. 2024 · The tax-saving investments under Section 80C can further reduce taxable income by up to Rs 1.50 lakh. Another Rs 50,000 can be saved by investments in the National Pension Scheme under Section 80CCD (1b). These two deductions will bring the taxable income down to Rs 7.7 lakh per annum. northern alexandria condos for saleWeb28 nov. 2024 · Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing … northern alesWeb12 apr. 2024 · People can save tax if they invest money in shares and mutual funds. Under Section 80CCG of the Income Tax Act, citizens who earn below Rs.12 Lakhs annually … northern alex mod listWebTo use the ClearTax Tax Saving Calculator: You must enter the net taxable income after availing of all the tax exemptions. Enter your age.You then enter the amount you have … how to rewatch super bowl 55Web4 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 most of the … how to rewatch fifa world cup matchesWebHey guys , i invest around 10k monthly in tax saving mutual funds and apart from that i only pay my child's school fees. I come in the 9-12 lakh bracket.i have no home loan or insurance or any other exemption. northern algarve resorts