How to save tax on 12 lakh salary
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 … 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 …
How to save tax on 12 lakh salary
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WebHow 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. Web8 apr. 2024 · “The new income tax regime is the default regime now, but taxpayers can opt for the old regime as well. From April 1, 2024, anyone earning up to Rs 7.5 lakh (With the standard deduction of Rs 50,000) does not need to pay any income tax,” Adhil Shetty, Chief Executive Officer (CEO) of Bankbazaar.com said.
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 ... 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 …
WebBest Salary Structure for Saving Tax. Salary structure is very important to keep taxes low. ... Tax Free up to 12% of basic salary: Phone & Internet Bill Reimbursement: 36,000: 3,000: ... Pay 0 Income Tax on Salary of Rs 20 Lakh. Income Tax on … Web2 aug. 2024 · 9. Loan Against Electric Vehicle. Under Section 80EEB of Income Tax, if you have taken a loan to buy an electric vehicle, you can avail of tax exemption of up to Rs 1.5 lakh on the interest paid. However, this tax exemption will be available only on loans taken between April 1, 2024, to March 31, 2024. 10.
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 …
Web28 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 … photographers artworkWeb2 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. how does trim and tilt work on a boat motorWeb13 mrt. 2024 · The income tax on a salary of ₹10 lakhs per annum in India as per the 2024 budget is ₹1,40,000/- per annum. This means that if you are earning a salary of ₹10 lakhs per annum, you will have to pay 40% (₹40000/-) of your salary as income tax. This income tax rate applies to all salaries and is universal regardless of whether you are an ... how does trim work in sqlWeb19 jan. 2024 · 8. Payment of tuition fees: Payment of tuition fees for your children is tax deductible up to Rs 1.5 lakh per annum. 9. EPF: Under the EPF Act. 12% of the pay of … how does trinity support work poeWeb10 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 ... how does trim function work in excelWeb18 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. photographers apprenticeWebHey 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. how does trimec work