How to save tax on salary income of 15 lakhs
Web10 apr. 2024 · Scenario 3 – Higher Income level, along with higher deductions: From the table illustration, one could notice, as the income level goes up, the deduction level also … Web4 feb. 2024 · After the Budget 2024 introduced a series of changes, the new tax regime has become very attractive for people with salary income of up to Rs 7.5 lakh as they will …
How to save tax on salary income of 15 lakhs
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Web16 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. 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 …
Web30 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 … WebTo calculate the income tax on the 15 lakhs salary in India, the computation is without any deductions, barring the standard deductions as per the new tax regime. Therefore, …
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 … Web13 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 …
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 …
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 … flame resistant snapWeb5 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 … can pet pete bottle be refilled with waterWeb19 jan. 2024 · For the first Rs. 2.5 lakh of your taxable income you pay zero tax For the next Rs. 2.5 lakhs you pay 5% i.e. Rs 12,500 For the next 5 lakhs you pay 20% i.e. Rs 1,00,000 For your taxable income part which exceeds Rs. 10 lakhs you pay 30% on the entire amount Step 5: Consolidate your net tax flame resistant sidewall belt factoryWeb21 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. flame resistant sleepwearWeb2 dagen geleden · The income tax slabs has been revised from 6 to 5 under the new tax regime Basic exemption limit hiked to Rs 3 lakh from Rs 2.5 lakh under the new tax regime Standard deduction introduced for salaried individuals, pensioners under the new tax regime Highest surcharge rate reduced to 25% from 37% under the new tax regime flame resistant sleepware for infantsWebHow 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. flame resistant stocking capWeb6 apr. 2024 · #1. Interest Income on Saving Account (Tax Saving Under Section: 80TTA/80TTB) Max Tax Saving Limit – Rs. 10,000 under TTA and Rs. 50,000 under … flame resistant rug for wood stove