How can I save tax if I earn 7 lakh?

You can get a deduction of up to Rs. 1.5 lakh under Section 80C of the Income Tax Act. You can do this by investing the entire sum into your PPF, or dividing it between your PPF, EPF, tax-saving mutual funds, and tuition fees paid for your children’s education.

Which is best option for tax saving?

Investment options under Sec 80C

Investment	Returns	Lock-in Period
National Pension System (NPS)	12\% to 14\%	Till Retirement
ELSS Funds	15\% to 18\%	3 years
Unit Linked Insurance Plan (ULIP)	Varies with Plan Chosen	5 years
Sukanya Samriddhi Yojana (SSY)	7.60\%	N/A

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

How can I save tax if my salary is under 10 lakhs? 1 Exhaust your 80 C limit of Rs 1,50,000 2 Reduce your medical expenditure. Invest in health insurance and avail the deduction 3 Claim home loan interest 4 You will get an additional tax benefit if you are an NPS contributor 5 Avail the standard deduction if you are a salaried person More

What is the income tax for 8 lakhs in India?

If your salary is Rs 8 lakh per annum and you opt for the new income tax India regime, your income tax will be Rs 46,800. This will be without any exemptions/deductions. You can save Rs 28,600 more in comparison to the old regime.

How to plan your tax-saving plan for the year?

Use the following pointers to plan your tax-saving for the year: Check the tax-saving expenses you already have – like insurance premiums, children’s tuition fees, EPF contribution, home loan repayment etc. Deduct this amount from Rs 1.5 lakh to figure out how much to invest.

What are the tax saving options for individuals and HUFS in India?

The most popular tax-saving options available to individuals and HUFs in India are under Section 80C of the Income Tax Act, Section 80C includes various investments and expenses you can claim deductions on – up to the limit of Rs. 1.5 lakh in a financial year. Other Tax Saving options beyond Sec 80C