How to make zero tax for 10 lakhs?
Any individual can claim exemption under Section 80C of the Income Tax Act wherein one can claim a maximum of Rs 1,50,000/- by contributing to EPF, PPF, ELSS, NSC etc. or paying LIC premium of self or spouse or children. Payment of tuition fees for two children is also exempt under this section.How can I reduce my tax to zero?
- Contribute to a Retirement Account.
- Open a Health Savings Account.
- Check for Flexible Spending Accounts at Work.
- Use Your Side Hustle to Claim Business Deductions.
- Claim a Home Office Deduction.
- Rent Out Your Home for Business Meetings.
- Write Off Business Travel Expenses, Even While on Vacation.
How much tax do I pay on 10 lakhs in India?
The new income tax slabs announced by the Government of India in the Union Budget 2023 define the tax liabilities levied on individuals or entities at the end of the financial year of 2023-24. Individuals with income above 10 lakhs but less than 12 lakhs are levied tax at 15%.How can I save tax in India if my income is above 10 lakhs?
How to Save Tax for a Salary Above Rs 10 Lakhs?
- Reduce Your Taxable Income by Up To Rs 1.5 Lakhs (Section 80C, 80CCC, 80CCD) ...
- Additional Reduction of Up To Rs 50,000 for NPS Investors (Section 80CCD. ...
- Reduce Your Taxable Income by Up To Rs 75,000 (Section 80D) ...
- Reduce Your Taxable Income by Up To Rs 2 lakhs (Section 24)
How can I legally pay no taxes in India?
Tax exemptions can be availed by investing in the following tools:
- Senior Citizen Savings Scheme (SCSS)
- Sukanya Samriddhi Yojana (SSY)
- National Pension Scheme (NPS)
- Public Provident Fund (PPF)
- National Pension Scheme (NPS)
Zero Tax Upto Rs 10 Lakh Annual Income || Income tax deductions for salaried employees - HINDI
How to save tax for 12 LPA?
Tax Deductions under Section 80(C)
- Investments in PPF (Public Provident Fund)
- Investments in EPF (Employee Provident Fund)
- Investments in ELSS funds (Equity-Linked Savings Scheme)
- Investments in NSC (National Savings Certificates)
- Payment of premiums against Life Insurance Policies.
How can I pay no tax on 12 lakh?
- 1) Standard Deduction of Rs. ...
- 2) Profession Tax of Rs. ...
- 3) Investment in 80C for taking full benefit of 1,50,000: ...
- 4) Investment in National Pension Scheme up to Rs. ...
- 5) Deduction of NPS contribution by employer under section 80CCD(2) up to Rs. ...
- 6) Home Loan Interest and House Rent Allowance Rs.
What should I do if I have 10 lakh?
Have you invested your Rs 10 lakh in these 10 ways?
- Emergency funds. There can be times when you will be hit by curveballs and you need to be prepared for it! ...
- Short-term funds. ...
- ELSS funds. ...
- High growth funds. ...
- Gold. ...
- Public Provident Fund. ...
- Health insurance. ...
- Term insurance.
How much tax will I pay if my salary is 50000?
If you make ₹ 50,000 a year living in India, you will be taxed ₹ 6,000. That means that your net pay will be ₹ 44,000 per year, or ₹ 3,667 per month. Your average tax rate is 12.0% and your marginal tax rate is 12.0%.How can I reduce my salary tax?
15 Tips to Save Income Tax on Salary
- House Rent Allowance (HRA)
- Leave Travel Allowance (LTA)
- Employee Contribution to Provident Fund (PF)
- Standard Deduction.
- Professional Tax.
- Exemption of Leave Encashment.
- Exemption Under Section 89(1)
- Exemption from the Receipt Upon Opting for Voluntary Retirement.
How can I save my income tax?
How to Save Income Tax?
- Tax Saving Investment Options under Section 80C: The premiums paid on life insurance policies are eligible for deduction from taxable income under Section 80C resulting in tax saving. ...
- By insuring your and yours loved one's health: ...
- By submitting rent receipts: ...
- By making a charitable donation:
How to save tax on 9 lakhs salary?
Here is how:
- Exhaust 80C Limit. Perhaps the first and the best way to save on taxes is to exhaust the section 80C tax benefit. ...
- Claim Interest On Home Loan. ...
- Additional Tax Benefit For NPS Contributors. ...
- Standard Deduction For Every Salaried Person. ...
- Reduce Medical Expenditures And Tax In One Go With Health Insurance.
Can we avoid paying tax?
Tax Saving Options Other than Section 80CYou can get Medical Insurance & claim a deduction of up to Rs. 25,000 (Rs 50,000 for Senior Citizens) for medical insurance premiums. A deduction of up to Rs 50,000 can be claimed on home loan interest under Section 80EE.
Can we make income tax zero?
20 lakhs comes to Rs. 4,50,000, which is exempted from tax payment under Section 87A of the Income Tax Act (falling in the tax bracket below Rs. 5,00,000). Hence, the individual with a CTC of 20 lakhs would have to pay zero taxes or no taxes in this case.Where to invest rs 10 lacs?
Can Fin Homes is the ideal midcap for investors who are looking to invest Rs 10 lakh, with a book value of Rs 40,000 crore and a market cap of Rs 6,500 crore. As Fin Homes can provide 50% returns between Diwali 2022 and 2023, the stocks of LIC and ICICI Bank rank second and third, respectively.What is the in hand salary of 10 lakhs?
For a CTC of 10LPA, your in hand salary will be around 70–75k after all deductions (PF, professional tax, gratuity, tax deduction), but tax deductions could vary as it depends upon the tax savings investment you have done, which vary from person to person so accordingly tax amount will get deducted,also if you get ...Where to invest Rs 10 lakhs?
On very generic terms, in a hypothetical and no-constraint scenario, we would invest about 55% of the available Rs 10 lakh into equities, with a bias towards large and mid-caps (40-45% in large and midcaps, balance in small caps), about 25% in GILT funds (assuming minimum 3-year horizon), and 20% in liquid funds to ...How can I save tax on 9.5 LPA?
Some of the investment options under this section are listed here.
- Tax-saving fixed deposits.
- PPF (Public Provident Fund)
- EPF (Employee Provident Fund)
- NPS (National Pension Scheme)
- NSC (National Savings Certificate)
- ULIP (Unit linked Insurance Plans)
What is the income tax slab of 10 lakh?
In the new tax regime, a person with ₹ 10 lakh annual income will have to pay ₹ 54,600 as income tax. The total taxable income here is ₹ 9,50,000, which is subject to tax at 5%, 10%, and 15%. No exemptions or deductions can be availed here.How much tax will I pay if my salary is 100000?
If you make ₹ 100,000 a year living in India, you will be taxed ₹ 12,000. That means that your net pay will be ₹ 88,000 per year, or ₹ 7,333 per month. Your average tax rate is 12.0% and your marginal tax rate is 12.0%.How much income is tax free?
If your income is below ₹2.5 lakh, you do not have to file Income Tax Returns (ITR).How do rich save taxes in India?
Investing money in tax-saving instruments
- Public Provident Fund.
- National Pension Scheme.
- Premium Paid for Life Insurance policy.
- National Savings Certificate.
- Equity Linked Savings Scheme.
- Home loan's principal amount.
- Fixed deposit for five years.
- Sukanya Samariddhi account.
How do I save tax for a 15 LPA salary without a housing loan?
Save Rs. 1.5 Lakhs on your Taxable Income under Sections 80C, 80CCC, and 80CCD:
- Public Provident Fund (PPF)
- Employee Provident fund (EPF)
- Unit Linked Insurance Plans (ULIP)
- Pension or Annuity Plans from Insurance providers.
- National Pension Scheme (NPS) Tier-I Account.
- Senior Citizen's Savings Scheme (SCSS)
How to save tax on 11 lakhs salary?
First, there is a standard deduction of Rs 50,000 for salaried individuals. This will reduce the taxable income to Rs 9.7 lakh. Then come the tax-saving investments under Sec 80C, which can reduce taxable income by up to Rs 1.5 lakh. Another Rs 50,000 can be reduced by investing in the NPS under Sec 80CCD(1b).
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