How can I avoid tax on 12 lakhs?

How can I avoid 10 lakhs tax?

How can I reduce my taxable amount?

What income is tax free?

As per income tax laws, filing income tax returns is mandatory for individuals whose total income during the financial year exceeds the exemption limit of more than the gross total income of ₹2,50,000.

How do high income earners reduce taxes?

Every high-income earner should have a plan to diversify the taxation of income in retirement. For taxable accounts, a tax-efficient index mutual fund and/or ETF may help reduce the taxes you pay on your investments year-to-year. Index funds and ETFs can be more tax-efficient than actively managed funds.

12 Lakh Salary, Zero Tax | Tax Saving Guide for Salaried Employees Part#2 | FY 2021-22

How can I save my tax if I earn 12 lakhs Quora?

Claim house rent allowance u/s 10(13A) and as CTC is 12 lac then they might be deducting PF so take deduction into section 80C for it. If PF contribution deducted from your salary is less than 1,50,000 Rs.

How much tax do I pay on 14 lakhs?

Under the old regime, with deductions, these individuals pay 20% income tax. Similarly, people earning Rs 10 lakh to Rs 12.5 lakh pay 20 per cent, and those earning Rs 12.5 lakh to Rs 15 lakh pay 25% — against 30 per cent earlier.

What is the meaning of 12 lakh per annum?

LPA stands for lakhs per annum that is how many lakhs you will be given every year. If it is 1.2 LPA that means 1,20,000 is your annual salary which when divided by number of months gives your monthly salary. 1,20,000 =10,000. 12.

Can I save 100% tax?

Tax savings scheme under Section 80C, NPS under Section 80CCD(1b), education or house loans, and even insurance premiums can help you achieve the goal of zero tax in a given year if your annual salary is less than Rs 10 lakh per year.

How can I save my income tax without investment?

How 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.

How much tax do I pay on 12 lakhs in Quora?

4% Cess on Tax paid. So, the net in-hand salary for 12 LPA is Rs 86,233 / month. You can save more by using the Old tax regime.

How can I pay zero tax upto 10 lakhs Quora?

Deposit 1.5 lakhs in approved savingslike LIC premium, PF, NPS, PPF etc and avail exemption under Sec 80C. The rest 5 lakhs even though is taxable, the rebate will upset the liability of tax to zero, and hence you pay zero tax.

What is the best tax deduction?

How can I reduce my taxable income in India?

What is the maximum limit of tax free personal income?

NOTE: Income tax exemption limit is up to Rs 2,50,000 for Individuals , HUF below 60 years aged and NRIs. An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

How much I can earn without paying tax in India?

According to new and old tax regimes, an individuals income below ₹ 2.50 Lakh is exempted from tax. However, you can claim tax rebate on income upto ₹ 5 Lakh and make it tax free.