Guidelines

How can I save tax on my salary under 8 lakhs?

by Author

How can I save tax on my salary under 8 lakhs?

Income tax saving guide: These 10 ways can help you save up to Rs 8 Lakh

  1. Tax Deduction on Home Loan Interest.
  2. Claim Principal Amount of Home Loan.
  3. LIC premium, PF, PPF, Pension Scheme.
  4. Central Government Pension Scheme.
  5. Health Insurance Premium.
  6. Medical and maintenance expenses of disabled dependents.

How can I save tax on my salary under 7 lakhs?

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.

READ ALSO:   Why is Coke worse than Pepsi?

How can I save tax if I earn 10 lakh?

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)

Do I have to pay tax on INR 6 lakh?

Consequently, if his earnings fall up to INR 6 lakhs, which is taxable under current income tax slabs then the taxpayer is not required to pay any taxes on INR 6 lakh amount. In case, if the taxable income calculates more than INR 6 lakh then as per the prevailing tax slab rates the amount will be taxable under Income tax.

How much income is taxable under income tax in India?

In case, if the taxable income calculates more than INR 6 lakh then as per the prevailing tax slab rates the amount will be taxable under Income tax. On the other hand, the task force believes that besides the collection of Income-tax the government needs to focus on increasing investment as well.

READ ALSO:   What is the elasticity of bitumen?

What is the income limit for tax rebate 2019-20?

As per the Union Budget 2019-20, the income up to Rs. 5 Lakhs is tax exempted, and you will get Rs. 12500 as a tax rebate. However, there is no change in the tax exempted limit of Rs. 2.50 lakhs. So if your income crosses Rs. 5 lakhs, you are liable to pay income tax as per the prevailing tax slab. What is tax rebate? How to Save Income Tax?

How can I save tax on non taxable income?

If non taxable components are high and savings are high, then you can save more in income tax. Also 87A relaxation is only for people, whose taxable (not take home) income is less than 5 lakh. Also many people doesn’t know but there are some other ways to save tax.