How to save tax on 10 lakh salary

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? 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.

income tax regime: New vs old income tax regime: Why you need …

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. … Web24 mrt. 2024 · The employee can now claim a flat Rs.50,000 (Prior to Budget 2024, it was Rs.40,000) deduction from the total income, thereby reducing the tax outgo. In the recent … imdb parents guide billy the kid https://dickhoge.com

Zero Tax on ₹10 Lakh income #LLAShorts 238 - YouTube

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 … 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... imdb parents guide dying of the light

10 Simple Ways To Save Income Tax On Salary - Inventiva

Category:6 Tax saving options for salaried FY 2024-23 (AY 2024-24)

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How to save tax on 10 lakh salary

Pay zero income tax on Rs 10 lakh salary; check calculation to save ...

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 … Web21 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 …

How to save tax on 10 lakh salary

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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 … Web15 feb. 2024 · Given below are the various tax-saving options for salaried individuals under the old tax regime to save income tax for the current FY 2024-23. Standard deduction: A salaried individual is eligible for standard deduction of Rs 50,000 from salary income. No documentation is required from an individual side to claim this deduction.

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. Web10 mrt. 2024 · To save tax for salary above 15 lakhs, you can get a deduction under various sections of the Income Tax Act, by investing in various investment options. It can be done by opting for ELSS …

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 ... 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 deduction of Rs 1.5 lakh ...

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Web10 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 … list of meps stationsWeb5 jan. 2024 · 1. First you deduct Rs.500000 as the standard deduction 10,50,0000-50,000 = Rs 10,00,000 2. After this, you can save Rs 1.5 lakh under 80C. In this, you can take advantage of income tax exemption on investment in EPF, PPF, ELSS, NSC and up to Rs 1.5 lakh annually in the form of tuition fees for two children. 10,000,000- 1,50,000 = … imdb parents guide baywatchWeb3 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 ... list of mercedes framesWeb16 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. … imdb parents guide family guyWeb1 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 … imdb parents guide out of timeWeb30 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 … imdb parents guide away from herWeb17 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 … imdb parents guide griffin and phoenix