How can I save tax if I earn 12 lakh?

How can I avoid 10 lakhs 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 we save tax in India for 12 lakhs salary 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 12 lakhs in Quora?

Originally Answered: What is the income tax on a salary of Rs. 12 lakhs per annum? Hello, Considering your question for FY 2016-17 and Investment Rs 1,00,000/-, your Income Tax will be Rs 159650/- for the year.

How much tax do I pay on 12 lakhs Quora?

2.5 - 5.0L at 5% = Rs 12,500. 5.0 - 7.5L at 10% = Rs 25,000. 7.5–10.0L at 15% = Rs 37,500. 10.0 – 12.0L at 20% = Rs 40,000.

Best Tax Saving Guide | Complete tax planning for salaried persons | FY 2021-22

How can I save tax on 13 lakh?

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.

How can I reduce my taxes?

How can I reduce my taxable income?

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 can we avoid taxation in India?

How do high income earners reduce taxes?

What is the tax for 11.5 lakhs in India?

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 in hand salary for 12 lakh package Quora?

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

What will be my Inhand salary if CTC is 10 lakhs?

If CTC 10 LPA is all fixed, then you will get around 72000 in-hand including the food coupons which the companies give to reduce the tax burden of the employees.

What is 80C in income tax?

Section 80C of the Income Tax Act allows tax exemptions on infrastructure bonds, provided the investment is equal to or higher than Rs. 20,000. The limit of Rs. 1.5 lakh stays applicable for these long-term secured bonds as well.

How do you write 12 lakhs in millions?

At what salary do I pay tax?

Any Indian citizen aged below 60 years is liable to pay income tax if their income exceeds 2.5 lakhs. If the individual is above 60 years of age and earns more than Rs. 3 lakhs, they will have to pay taxes to the government of India.