My salary is 8 lakhs how to save tax

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August undefined, 2024

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. … WebFeb 3, 2024 · In total, you can claim the deduction for up to 8 financial years. However, the deduction is available for 8 financial years or up to the actual complete repayment of the loan, whichever is earlier. 18. Mutual Funds An investment in ELSS equity linked savings scheme qualifies for a tax deduction.

How To Save Income Tax in India 2024: 11 Ways To Reduce …

Web8 hours ago · Investing in tax-saving instruments is one of the most effective ways to reduce your taxable income. Some of the popular tax-saving instruments include Equity-Linked … WebSep 21, 2024 · As a taxpayer, you can save up to ₹15,600 under this section. You can also claim tax benefits for premiums paid towards health insurance for self, spouse, children … la fitness waldorf

15 Tips to Save Income Tax on Salary - Scripbox

WebApr 12, 2024 · Up to Rs. 7 lakh: Nil. 7 lakh to Rs. 10 lakh: 10%. 10 lakh to Rs. 15 lakh: 20%. 15 lakh and above: 30%. The new tax regime also offers an option to taxpayers to continue with the old tax regime, which has more deductions and exemptions, but higher tax rates. The old tax slabs and rates are as follows: Up to Rs. 2.5 lakh: Nil. WebNorth Carolina has a flat income tax rate of 4.99%, meaning all taxpayers pay this rate regardless of their taxable income or filing status. This can make filing state taxes in the … WebThere are sure ways by which you can save income tax for your first 10 lakhs of income. As per the Union Budget 2024-20, the income up to Rs. 5 Lakhs is tax exempted, and you will get Rs. 12500 as a tax rebate. However, there is no … la fitness warren mi reviews

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

Old or New Tax Regime? 10 tips to choose which tax regime suits …

WebDec 20, 2024 · If an individual has a salary of Rs 8 lakh per annum, and he/she has opted for a new income tax slab regime, then an income tax will be Rs 46,800. It is calculated without any exemptions and deductions. An individual can save Rs 28,600 more as compared to an old tax regime. The table below will make the calculations more clear to you. Web8 hours ago · If you are not claiming too many deductions, you may want to opt for the new tax regime to save money on taxes. Under the new tax regime, you can claim tax rates of 5%, 10%, 15%, 20%, and 30% for ... project rock winter hatWebIncome tax saving tips and tax planning for salary income up to Rs 16 lakhs. This video will teach an individual or even a salaried employee how to do income... la fitness warwick schedule

"Web1 day ago · The tax-saving FD schemes have a lock-in period of five years and the deposit amount of up to Rs 1.5 lakh each financial year qualifies for tax deduction under Section 80C of the Income Tax Act. However, the interest earned … " - My salary is 8 lakhs how to save tax

My salary is 8 lakhs how to save tax

How to Save Income Tax? – Pay Zero Tax Up to Rs. 9.85 Lakhs

WebInvesting in the National Pension Scheme (NPS) is an effective way to save tax for those earning a salary of more than 20 lakhs annually. NPS offers several attractive tax benefits, such as exemption from capital gains on withdrawal and deduction of up to 10% of one’s income under Section 80C. WebFeb 4, 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 benefits or HRA, HRA should be ideally 50% of the Basic Salary (40% HRA if an individual has rented a house in a non-metro) In case of Car Maintenance, The said company could ...

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WebApr 11, 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 ... WebApr 11, 2024 · Utilize Section 80C deductions: Under Section 80C of the Income Tax Act, you can claim deductions of up to Rs. 1.5 lakh from your taxable income by investing in various options such as Public ...

WebFeb 22, 2024 · Legitimate ways to save income tax 1. Deductions under Section 80C PPF (Public Provident Fund) ELSS funds Tax-saver FDs NSC (National Saving Certificate) … WebApr 12, 2024 · April marks the beginning of a new financial year, which is when usually new income tax laws come into effect. For the financial year 2024-24, the government has …

WebApr 12, 2024 · April marks the beginning of a new financial year, which is when usually new income tax laws come into effect. For the financial year 2024-24, the government has revised the income tax slabs under the new tax regime to make it more attractive in comparison to old tax regime.Further, many other benefits have also been brought under … WebInvesting in the National Pension Scheme (NPS) is an effective way to save tax for those earning a salary of more than 20 lakhs annually. NPS offers several attractive tax benefits, …

WebAug 2, 2024 · You get all the tax exemptions under Section 80C of Income Tax. For example, if you have taken a policy of LIC, then you can claim its premium. You can get tax exemption under 80C on the principal of the provident fund, PPF, children's tuition fee, national …

WebMar 10, 2024 · Fortunately, there are several ways to lower your tax obligation under Indian income tax laws. Tax-saving investments are one of the best and most profitable ways to reduce your tax burden. Read this … la fitness warwick ri hoursWebApr 11, 2024 · If your tax-saving investments is above Rs 3.58 lakh, old tax regime will be better for you, according to calculation by Clear. If your tax-saving investments are less … la fitness warrington paWebJan 24, 2024 · Following is the calculation which shows some of the ways which can be adopted so that the income tax outgo is minimum. Pay Zero Tax for Income up to Rs 12 Lakhs from Salary FY 2024-22. Amount (Rs) Total Salary for FY 2024-22. 12,00,000. Standard Deduction (Section 16) 50,000. Profession tax. la fitness warrington class schedule