How to save tax on 12 lakh salary

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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 … WebMinimum deductions needed for annual income of Rs 12 lakh: For an annual income is Rs 12 lakh, your income tax amount will be Rs 60,000 under the new tax regime. To pay the same amount as tax under the old tax regime, you will need to utilise deductions in such a way that your total deduction is Rs 3 lakh.

How to Calculate Income Tax on Salary with example - ET Money …

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 … WebHey 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. foam abbreviation

Income From Salary – How To Calculate Income Tax On …

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 ... 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 ... 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 regime, your net tax payable can be zero if you claim for all … foam 8 inch thick

How much tax should I pay for 12 lakhs? - calendar-uk.co.uk

How can I save tax if I earn 20 lakh? - gulchlife.jodymaroni.com

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. Web10 apr. 2024 · Another 50k for yours and parents health insurance, 75 if they are senior citizen. 25k premium included in 80D, now we have to find possible legal or illegal ways to claim Refund to max like inflate rent to claim max HRA exemption, LTA and any other exemptions from salary possible under sec 10 etc., Quote. greenwich ct chinese foodWeb23 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 … foam 3d wallpaper

"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 … " - How to save tax on 12 lakh salary

How to save tax on 12 lakh salary

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) Web13 mrt. 2024 · First, make sure you are including all of your income on your tax return. This includes wages, salary, tips, bonuses, and any other income you receive from your job. …

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Web6 apr. 2024 · You can save tax on both of your entities by investing in various tax saving options like under section 80C. You will virtually pay no taxes on your secondary income … WebThe Income Tax Calculator lists a lot of exemptions and deductions for me to save tax. I’m going to show you how to use some of these options to bring down my income tax to nil. Step 1 : Declare Contribution to National Pension Scheme Step 2 : Declare House Rent Step 3 : Declare Medical Insurance Premium Step 4 : Declare Home Loan

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. Web13 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 ...

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. Web2 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.

Web1 mrt. 2024 · As per the latest tax regime, your deductions can go up to 3 lakhs per year. If you plan your investments carefully, you can save a lot of taxes. TDSTDS or Tax Deducted at Source means the tax is deducted directly from your salary. For maintaining a hassle-free tax pattern, most employers use TDS.

Web3 apr. 2024 · If Rs 12 lakh is your salary income-Select Old regime: if tax-saving investments > Rs. 3,00,000; Select New regime: if tax-saving investments < Rs 3,00,000; … greenwich ct comedyWeb6 jan. 2024 · New Delhi: Taxpayers earning above Rs 10 lakh cough up thousands of rupees as income tax. However, there are several methods using which taxpayers can save big on income tax even if the salary is a bit more than Rs 10 lakh. If you use all the right income tax saving options, you may not need to pay a single penny. greenwich ct computer storeWeb10 mrt. 2024 · Here is everything you need to know about how to save tax for salary above 10 lakhs. How to Save Tax for Salary above 10 Lakhs. 10 March 2024. ... Read this blog if you want to pay no tax on 10 lakh income. ... >12.5 lakhs – Rs 15 lakhs. 30% + Rs 1,12,500. 25% + Rs.1,25,000 >15 lakhs and above. greenwich ct civic centerWeb21 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 greenwich ct city jobs greenwich ct city directoryWebIn 2024 financial outlay was ₹ 2.06 lakh crore (US$26 billion). Allocation in 2024-21 had reached ₹ 5.41 lakh crore (US$68 billion), an all-time peak. National Service Scheme: CS MoYAS: 1969: Public service: Personality development through social (or community) service. Kerosene subsidy CS — 1956 Subsidy Eliminated in 2024. foam abduction pillowWebCheck out the deduction of income tax above 15 lakh salary for the FY 2024-23 now. ... How to Save Tax for Salary above 15 Lakhs ... 25% (for tax slab of Rs. 12.5 lakhs- 15 lakhs) NOT APPLICABLE (as taxable income is Rs. 12,50,000)----Total Tax: foam abductor wedge