How can I save tax on salary 2021 22?

Tax Saving Options for AY 2021-22 & What is the Maximum Tax you can Save?
  1. Public Provident Fund. ...
  2. National Pension Scheme (NPS) ...
  3. Life Insurance Plans. ...
  4. Health Insurance/Mediclaim Under Section 80D. ...
  5. Home Loans – Section 24B.
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How can I reduce my taxable income 2021?

6 Ways to Lower Your Taxable Income
  1. Save for Retirement. Retirement savings are tax-deductible. ...
  2. Buy tax-exempt bonds. ...
  3. Utilize Flexible Spending Plans. ...
  4. Use Business Deductions. ...
  5. Give to Charity. ...
  6. Pay Your Property Tax Early. ...
  7. Defer Some Income Until Next Year. ...
  8. Need a Loan?
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How can I save my tax in 2021 2022?

6 Ways to Save Income Tax Under Section 80C
  1. Life Insurance. Life Insurance does not only provide full life coverage, but it is also the best way to save Taxes. ...
  2. ELSS. ...
  3. Tax Saving Fixed Deposit. ...
  4. Senior Citizens Savings Scheme (SCSS) ...
  5. Provident Fund. ...
  6. National Saving Certificates.
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How can I reduce my tax in 2022?

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  1. Contribute to a Health Savings Account. A Health Savings Account (HSA) is a medical savings account designed for taxpayers with a high-deductible health plan (HDHP) to save for upcoming health care expenses. ...
  2. Deduct the student loan interest you've paid. ...
  3. Sell your losing stocks.
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How can I reduce my high salary tax?

Legal tax minimisation strategies
  1. Maximising all of your allowable tax deductions. ...
  2. Maximising your tax offsets. ...
  3. Reducing your capital gains tax (CGT) liability. ...
  4. Buying assets in your partner's name. ...
  5. Setting up a discretionary trust to distribute business/investment income. ...
  6. Salary sacrificing into superannuation.
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How to Save Income Tax on Salary in India FY 2021-22 AY 2022-23 | Tax Planning for Salaried Person



How can salaried employees save tax?

10 Tax Saving Options for Salaried Employees
  1. Employee Provident Fund. Employee Provident Fund is one of the most popular ways of tax saving for salaried people. ...
  2. Public Provident Fund. ...
  3. Equity Linked Savings Scheme. ...
  4. Life Insurance. ...
  5. ULIPs. ...
  6. Rental Accommodation. ...
  7. National Pension Scheme. ...
  8. Health Insurance.
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Can I save tax more than 1.5 lakh?

Taxpayers can save additional tax by investing up to ₹ 50,000 in NPS. This is over and above the benefit, they can claim on contributions under Section 80c. They also have the option of utilizing NPS for the ₹ 1.5 lakh limit of Section 80c. This combination will take total deduction one can claim with NPS to ₹ 2 lakh.
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How can I save tax on my salary other than 80C?

What are the Various Tax Saving Investments Other than 80C?
  1. Interest Income Generated from Savings Account Deposits. Section - 80TTA. Limit – ₹10,000. ...
  2. Interest Component Paid Towards Education Loan. Section - 80E. Limit – No limit. ...
  3. Premium Payment Towards Health Insurance Policies. Section - 80D.
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How can I save tax if I earn 20 lakh?

Tax Exempted Salary Components
  1. Meal Coupons.
  2. Car Maintenance.
  3. EPF (Contribution by Employer)
  4. NPS (Contribution by Employer)
  5. Gift voucher.
  6. Mobile Phone and the Internet Bill Reimbursement.
  7. Newspaper/Journal Allowance.
  8. Children Education/Hostel Allowance.
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What are the new deductions for 2021?

9 changes to know for the 2021 tax year
  • Higher standard deductions. ...
  • Tax bracket adjustments. ...
  • Increased child tax credits. ...
  • Higher Earned Income Credit. ...
  • Some student loan forgiveness is tax-free. ...
  • Charitable donations. ...
  • Unemployment benefits are taxable again. ...
  • Stimulus checks.
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What is the standard deduction for 2021?

Standard Deduction

The deduction set by the IRS for 2021 is: $12,550 for single filers. $12,550 for married couples filing separately. $18,800 for heads of households.
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How can I save tax if I earn 15 lakh?

1. Reduce Your Taxable Income by Up To Rs 1.5 Lakhs (Section 80C, 80CCC, 80CCD)
  1. Unit Linked Insurance Plans (ULIPs)
  2. Pension or Annuity Plans from Life Insurance Companies.
  3. Public Provident Fund (PPF) & Employee Provident Fund (EPF)
  4. New Pension Scheme Tier-I Account.
  5. Senior Citizen Savings Scheme.
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Can I claim both 80C and 80D?

Section 80C offers tax deductions on different types of tax-saving investments, such as ULIP, PPF, ELSS, EPF, LIC premium, etc. Section 80D deduction is allowed for availing tax exemptions on health insurance premiums paid for self, family, & parents and expenses incurred on preventive health check-ups.
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How can I save tax on 10 lakhs?

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.
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How do I maximize my tax return?

How to Maximise Your Tax Return for 2021
  1. Claim Your Work from Home Expenses. It's not surprising that there is a considerable increase in the number of work-from-home employees over the past year. ...
  2. Claim Other Work-Related Expenses. ...
  3. Get Your Donation Back. ...
  4. Get Extra Refund for Your Side Hustlee.
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How can I reduce my taxable income in India?

Save Income Tax on Salary
  1. Deductions under Section 80C, Section 80CCC and Section 80CCD. Citizens of India can save tax under these 3 sections. ...
  2. Medical Expenses. ...
  3. Home Loan. ...
  4. Education Loan. ...
  5. Shares and Mutual Funds. ...
  6. Long Term Capital Gains. ...
  7. Sale of Equity Shares. ...
  8. Donations.
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What is tax free salary?

What is Tax Free Salary? When the employer agrees to pay tax on the Salary paid to the employee without applying any cap on the amount of tax to be paid, it can be said to be a Tax Free Salary.
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How can I save tax on 12 lakhs?

Tax Deductions under Section 80(C)
  1. Investments in PPF (Public Provident Fund)
  2. Investments in EPF (Employee Provident Fund)
  3. Investments in ELSS funds (Equity-Linked Savings Scheme)
  4. Investments in NSC (National Savings Certificates)
  5. Payment of premiums against Life Insurance Policies.
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How can I salary sacrifice?

Requirements for an effective salary sacrifice arrangement
  1. Agreement between you and your employer. ...
  2. No access to sacrificed salary. ...
  3. Fringe benefits. ...
  4. Exempt benefits. ...
  5. Super. ...
  6. Super guarantee. ...
  7. Assessable income. ...
  8. Salary sacrificing a deductible expense.
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How do I super salary sacrifice?

To sacrifice some of your salary into your super account, you make an agreement with your employer for them to pay some of your salary straight into your super fund, rather than into your bank account with the rest of your salary. This means the money going into your super account is from your pre-tax salary.
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