How to save tax on 12 lakhs salary?

How to save tax in India for 12 lakhs salary quora?

You may invest in PPF, EPF, Life Insurance Premium, Tax Saving FD, Sukanya Samriddhi Yojana, Equity Linked Saving Scheme, Senior Citizens Savings Scheme, NSC, Home Loan Principal Payment, Stamp Duty Charges etc. You may invest in National Pension Scheme (NPS).

How to get zero tax for 12 lakhs?

How can I save 30% tax on my salary?

How can I avoid 10 lakhs tax?

12 Lakh Salary, Zero Tax | Complete Tax Planning for Salaried Person for FY 2022-23

How to save tax on 13 lakh salary?

How do rich save taxes in India?

How can I pay zero tax in India?

Which tax regime is better old or new for 12 lakhs?

Even at a higher income level, the tax outgo under the new tax regime always remains significantly lower than under the old tax regime, unless you use deductions. So, the new tax regime is mostly better for people who are unable to claim various deductions and exemptions under the old tax regime.

What does 12 lakh CTC means?

Often, you will hear of the term CTC, or Cost to Company. Usually, when you get offered a job, your recruiter tells you the salary you will be paid before taxes. This amount is what you cost the company. Let's say, the HR offers you a ₹12 lakh package, this means it costs the company ₹12 lakhs per year to hire you.

What is 12 LPA salary?

50,000 - 1,25,000 PA.

How much salary is good enough in India?

What is a good salary for India? Ans. A decent earning and average salary in India is around INR 3 LPA. If you earn up to INR 25K in a month, you earn a decent salary.

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).

Is TDS refundable on salary?

In case of excess deduction of tax at source, claim of refund of such excess TDS can be made by the deductor.

Where to invest to save tax?

What is the disadvantage of new tax regime?

With no exemptions, the total taxable amount will be higher as compared during the old tax regime. Though there are six tax slabs, it may not be beneficial for all taxpayers if the income-tax authorities decide to do away with the old regime completely.

How can I save my income tax?

How to save tax for salary above 15 lakhs?

ELSS mutual funds- Rs 60,000 (Investment: Rs 500 per month SIP, Returns- 12% CAGR, Lock-in-period: 3 years) Term plan insurance- Rs 12,000 premium (Around Rs 1 Crore cover) ULIP or endowment plant- Rs 12,000 premium. Children's Education fees: (Rs 25,000 to Rs 1 lakh)

How long can I stay in India without paying tax?

An individual is said to be a resident in the tax year if he/she is: physically present in India for a period of 182 days or more in the tax year (182-day rule), or.

Which country is tax-free for India?

Currently, Oman is a tax-free nation, as there is no taxation on personal income. Moreover, there are no taxes on income from property, wealth, capital gains or death. However, the Oman Government is currently evaluating a Personal Income Tax Regime as a part of its 2020-2024 Medium Term Fiscal Plan.