How to save tax on 12 lakh salary
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. … Web19 jan. 2024 · Income Tax for Salaried: Know how to calculate Income Tax on your salary with examples & save money under Tax Exemption, Tax Rebate, Tax Deduction & Tax Saving. Skip to the content. ... Net salary ₹ 12 lakh: Income from other sources ₹ 10,000: Gross taxable income ₹ 12,10,000: Deduction under Section 80C (ELSS + EPF)
How to save tax on 12 lakh salary
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Web23 sep. 2024 · To conclude, to save tax, investments under Section 80 (C) are the best and most-opted choice! After all, there is no better investment that provides safety net to your … 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 most of the …
Web21 feb. 2024 · If you are a salaried individual, you can reduce your total income by Rs 50,000 through standard deduction. The limit of standard deduction has been recently raised in the budget to Rs 50,000 from Rs 40,000. Reduce Medical Expenditures And Tax In One Go With Health Insurance Web12 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.
Web12 apr. 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 directly or … 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.
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 .
Web10 apr. 2024 · 1. It is mandatory for employees to choose a tax regime option between the old and new regimes. As New Tax Regime has become the default option from FY 2024-24, not declaring your choice now will ... small intestine strictureWebHow can I save tax if I earn 20 lakh? Donations - Section 80G of the Income Tax Act also allows you to avail tax saving on 20L income for making donations to charities, NGOs and government-backed relief funds. The amounts donated to such organizations are entirely exempted from tax. Others - Section 80TTA allows you to avail deduction up to Rs. sonic shellWeb10 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 deduction of Rs 1.5 lakh ... sonic shelby drive memphisWeb11 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 ... sonic shipping wikiWeb13 apr. 2024 · When you are tax planning for salary above 30 lakhs, you need to know the following: Salary (-) Exemptions = Taxable Salary Income Taxable Salary Income (-) … sonic shield antifoulingWeb12 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 … sonic shoes mschfWeb4 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. small intestine smooth muscle contraction