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How can I get maximum tax exemption in India?

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How can I get maximum tax exemption in India?

  1. SMALL SAVINGS SCHEMES:
  2. EMPLOYEE PROVIDENT FUND (EPF)/NATIONAL PENSION SYSTEM (NPS):
  3. LIFE INSURANCE/ANNUITY PREMIUM:
  4. TAX-SAVING MUTUAL FUNDS:
  5. BANK FIXED DEPOSITS:
  6. HOME LOAN REPAYMENT:
  7. TUITION FEE OF CHILDREN:
  8. Dividend/interest payments that can be invested in tax-saving instruments:

How can I save tax if my salary is 10 lakhs?

Tax exemptions can be availed by investing in the following tools:

  1. Senior Citizen Savings Scheme (SCSS)
  2. Sukanya Samriddhi Yojana (SSY)
  3. National Pension Scheme (NPS)
  4. Public Provident Fund (PPF)
  5. National Pension Scheme (NPS)

How a salaried person can save tax in India?

A salaried individual’s income plan is incomplete without investment in a Public Provident Fund or PPF. A government-enabled savings scheme, you can open a PPF with as low as Rs. This means that the amount invested toward the fund, the interest earned, and the maturity sum are all exempted from tax.

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How much can I invest under the 15 LPA to zero?

Consult a tax practitioner for long term tax & investment planning. With 15 LPA, tax can never be down to zero not even hypothetical :). For starters, 80C has cap of 1.5 lacs. So any amount you invest more 1.5 lacs under 80C will be ignored.

How much is the standard deduction for 80(C) in India?

Additionally, let us assume you intend to avail ₹ 50,000 in the standard deduction and ₹ 150000 in tax exemption u/s 80 (C). Moreover, your tax liability will be Rs 2,10,600 after taking your deduction and exemption into account. Further, You are not allowed to avail of any deduction/exemption in this tax structure.

Is 15 lakhs a good salary in India?

Further, if you are fairly young and have no ailments, 15 lakhs per annum is considered a good salary by Indian standards. 3. How much tax do I pay on 15 lakhs?

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What are the sources of income for section 80tta?

– Section 80TTA allows for Rs.10,000 deduction on interest earned on savings accounts which again is quite a common source of income Let’s compute the total tax liability considering the salary income and a combination of tax-saving investments and deductible expenses from the aforementioned sections of the Income Tax Act