How to save tax on salary income of 30 lakhs

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Web4 apr. 2024 · Saving taxes is even easier for those upto a decent Rs 10 lakh per annum or less. Tax savings scheme under Section 80C, NPS under Section 80CCD(1b), … Web9 mrt. 2024 · Between 7.5 Lakhs to 10 Lakhs. 15% Tax. Between 10 Lakhs to 12.5 Lakhs. 20% Tax. Above 12.5 Lakhs. 30% Tax. Now, let’s take a look at the deductions available to an individual: Section 80C: Investments in schemes such as EPF, PPF, NPS, ELSS, etc. up to 1.5 lakhs are eligible for deduction.

How to save income tax on salary of Rs 10 lakh and above in FY …

Web30 mei 2024 · The income tax department allows a deduction up to Rs. 1.5 lakh. 4. Long-Term Capital Gains. Long term capital assets are good options for saving on taxes. If … Web13 mrt. 2024 · If you are earning a salary in India and want to save tax, there are a few things you should keep in mind. First, make sure you are including all of your income on … grand inn trichy to srirangam temple distance

Hate Paying Taxes ★ Check How To Pay 0 Income Tax On Salary …

Web2 dagen geleden · For an annual Salary Income of Rs 12 lakh, ... If your tax-saving investments or spends is above Rs 3,12,500 then the old tax regime will be better for you, according to a calculation by Clear. Web4 feb. 2024 · After the Budget 2024 introduced a series of changes, the new tax regime has become very attractive for people with salary income of up to Rs 7.5 lakh as they will … Web10 apr. 2024 · Another 50k for yours and parents health insurance, 75 if they are senior citizen. 25k premium included in 80D, now we have to find possible legal or illegal ways … chinese food cortelyou road

How to Effectively Save Tax With a Salary of 15 LPA in India?

How To Save Income Tax On Salary: 15 Best Ways (2024 Update)

Web13 mrt. 2024 · According to the budget, the income Tax rate for individuals with a salary of ₹8 lakhs or more will be 10%. This means that you will need to pay income tax on this … Web17 feb. 2024 · A person earning 12 lakhs will pay Rs in a progressive tax system. 1,12,500 plus Rs. 60,000 = Rs. 1,72,500. Beginning in FY 2024-21, individuals and HUFs will benefit from a better tax regime with lower tax rates and zero deductions/exemptions. Individuals and HUF can choose between the old and new regimes. chinese food cote st lucWeb2 aug. 2024 · According to the Income Tax rules, you can get tax exemption on interest payment up to 2 lakhs. This tax exemption will be available only if the property is 'self-occupied'. 2. Claim Principal Amount of Home Loan You can avail tax exemption under section 80C on the principal payment of the home loan. However, this limit cannot … chinese food corydon indiana

"Web6 apr. 2024 · #1. Interest Income on Saving Account (Tax Saving Under Section: 80TTA/80TTB) Max Tax Saving Limit – Rs. 10,000 under TTA and Rs. 50,000 under … " - How to save tax on salary income of 30 lakhs

How to save tax on salary income of 30 lakhs

5 lakhs Tax deducted by Employer, anyway to get Refund to the …

Web19 dec. 2024 · Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number … Web10 apr. 2024 · The straight deduction of Rs 3.5 lakh will certainly help in reducing tax under old tax regime. 5) If you have an HRA deduction to claim, the old tax regime might be better for you. HRA...

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Web19 dec. 2024 · Ways to save tax on 30 lakhs salary. When you are tax planning for salary above 30 lakhs, you need to know the following: Salary (-) Exemptions = Taxable Salary Income; Taxable Salary Income (-) Deductions = Net taxable income. Therefore, you … Web26 dec. 2024 · In this article, we are listing 10 ways that will help you to save tax other than 80C. 1) Tax saving with NPS under Section 80CCD (1B): 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.

Web11 apr. 2024 · List of Deductions and Exemptions under Old Tax Regime. Investments under Section 80C up to Rs 1.5 lakh (Public Provident Fund, Equity Linked Savings … Web8 feb. 2024 · According to the concept of marginal relief, if the amount payable as surcharge exceeds the income above ₹ 50 lakh or ₹ 1 crore, the surcharge will be applicable at a marginal rate, which is 70...

Web22 feb. 2024 · You can legitimately reduce your tax liability by claiming expenses and deductions under various sections of the Income Tax Act, 1961 . Let us read further on … Web27 feb. 2024 · Now, because you are earning a salary of ₹30 lakhs per annum, you would be taxed for a major chunk of your salary at a 30% tax rate. Therefore, a lapse of …

WebHow much tax should I pay for 7 lakhs? New income tax slabs for individuals for FY 2024-21 Income Tax Slab Tax Rate From Rs.5,00,.. Popüler ... How can I save tax if I earn …

Web10 apr. 2024 · 3) If you have just 80C deduction of Rs 1.5 lakh then new tax regime might be better as back-of-the-envelope calculations show that for an individual who just avail a … chinese food covina caWeb28 nov. 2024 · These are some of the most common ways you can opt for while planning to save tax for salary above Rs 10 lakh. If you opt for the new income tax regime: As … chinese food county line rdWebEmployer can have option of subscribing to both NPS & EPF. Keeping both makes salary more tax efficient, though take home may go down Gift Voucher worth Rs 5,000 per annum is tax free. Some companies give such vouchers at birthdays or anniversaries! Company owned cars give much more tax benefit and hence is recommended for high salaries. chinese food covent gardenWeb19 jan. 2024 · For the first Rs. 2.5 lakh of your taxable income you pay zero tax For the next Rs. 2.5 lakhs you pay 5% i.e. Rs 12,500 For the next 5 lakhs you pay 20% i.e. Rs 1,00,000 For your taxable income part which exceeds Rs. 10 lakhs you pay 30% on the entire amount Step 5: Consolidate your net tax chinese food costumeWeb16 feb. 2024 · There are certain tax exemptions that can be claimed from salary income. These include tax exemptions on house rent allowance (HRA), leave travel concession … chinese food cottage grove oregonWeb19 jan. 2024 · So if your total income is Rs 10 lakh from salary, the net taxable income gets reduced to (Rs. 10 lakh – Rs. 50,000) = Rs. 9.5 lakhs. Your salary automatically moves to the preceding slab of Rs. 7.5 lakhs to Rs. 10 lakhs per annum, which reduces your income tax (20% under the old regime). chinese food covington hwyWeb26 dec. 2024 · Here we are considering how to calculate and save income tax on annual salary above INR 15 lakh. ... Above INR 10 Lakh: 30%: INR 7.5 to INR 10 Lakh: 15%: … grandin physiotherapy