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How to save tax on 12 lakh salary

Web18 jan. 2024 · The tax-saving investments under Section 80C can further reduce taxable income by up to Rs 1.50 lakh. Another Rs 50,000 can be saved by investments in the National Pension Scheme under Section 80CCD (1b). These two deductions will bring the taxable income down to Rs 7.7 lakh per annum. Web12 apr. 2024 · People can save tax if they invest money in shares and mutual funds. Under Section 80CCG of the Income Tax Act, citizens who earn below Rs.12 Lakhs annually …

Income Tax Calculator 2024-24 - Calculate Income Tax on Salary …

Web1 mrt. 2024 · You can pay zero tax on a salary of 12 lakhs, provided you have invested in tax savings options and claim applicable deductions and exemptions. Under the old regime, your net tax payable can be zero if you claim for all … Web10 mrt. 2024 · Here is everything you need to know about how to save tax for salary above 10 lakhs. How to Save Tax for Salary above 10 Lakhs. 10 March 2024. ... Read this blog if you want to pay no tax on 10 lakh income. ... >12.5 lakhs – Rs 15 lakhs. 30% + Rs 1,12,500. 25% + Rs.1,25,000 >15 lakhs and above. btv security app download https://dvbattery.com

Zero Tax on Salary Income INR 20+ Lakhs? Legal Way Here…

Web24 feb. 2024 · Income Tax on Rs 12 lakh income Without Exemptions/Deductions, the tax calculator shows those earning Rs 12 lakh annual income will have to pay Rs 1,19,600 … Web10 jan. 2024 · The art of saving on income tax is not very difficult but basic knowledge of Income Tax is required. Let us see what exemptions can be availed so as to reduce the tax liability of an individual. 1. If you are a salaried person, you can avail deduction of Rs. 50,000/- as ‘Standard Deduction’ u/s 16 (ia) of the Income Tax Act. 2. WebThe best way to save tax for a salary above 15 lakhs is to opt for the old tax regime and claim all the available deductions and exemptions on tax-saving investments. … btvs download

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

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How to save tax on 12 lakh salary

10 Best Tips to Save Income Tax on Salary in FY 2024-23

WebThe amount that can be claimed as a deduction under section 80C is limited to a maximum of Rs. 1.5 Lakh p.a. (Increased from Rs 1 Lakh to Rs 1.5 Lakh in the Budget 2014). The total taxable income computed after deduction under section 80C is liable to tax as per the income tax slabs of the taxpayer for that year. WebTo use the ClearTax Tax Saving Calculator: You must enter the net taxable income after availing of all the tax exemptions. Enter your age.You then enter the amount you have …

How to save tax on 12 lakh salary

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WebAdvisory: Information relates to the law prevailing in the year of publication/ as indicated .Viewers are advised to ascertain the correct position/prevailing law before relying upon any document. Disclaimer:The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation … Web1 mrt. 2024 · As per the latest tax regime, your deductions can go up to 3 lakhs per year. If you plan your investments carefully, you can save a lot of taxes. TDSTDS or Tax Deducted at Source means the tax is deducted directly from your salary. For maintaining a hassle-free tax pattern, most employers use TDS.

Web3 jun. 2024 · New Delhi: Budget 2024 saw Finance Minister Nirmala Sitharaman provide taxpayers with 2 options - one, assessees pay tax as per the existing regime and tax … Web3 apr. 2024 · If Rs 12 lakh is your salary income-Select Old regime: if tax-saving investments > Rs. 3,00,000; Select New regime: if tax-saving investments < Rs 3,00,000; …

WebWhat is the meaning of 12 lakh per annum? LPA stands for lakhs per annum that is how many lakhs you will be given every year. If it is 1.2 LPA that means 1,20,000 is your annual salary which when divided by number of months … WebThe Income Tax Calculator lists a lot of exemptions and deductions for me to save tax. I’m going to show you how to use some of these options to bring down my income tax to nil. Step 1 : Declare Contribution to National Pension Scheme Step 2 : Declare House Rent Step 3 : Declare Medical Insurance Premium Step 4 : Declare Home Loan

Web4 feb. 2024 · How to save higher taxes in old regime if income is Rs 12 lakh: The more deductions you claim over and above Rs 3 lakh, the higher your tax saving will be when compared with the new tax regime. You may have to pay zero tax if you claim a total deduction of Rs 7 lakh.

WebBest Salary Structure for Saving Tax. Salary structure is very important to keep taxes low. ... Tax Free up to 12% of basic salary: Phone & Internet Bill Reimbursement: 36,000: 3,000: ... Pay 0 Income Tax on Salary of Rs 20 Lakh. Income Tax on … experience oyster parkWeb12 apr. 2024 · Up to Rs. 7 lakh: Nil. 7 lakh to Rs. 10 lakh: 10%. 10 lakh to Rs. 15 lakh: 20%. 15 lakh and above: 30%. The new tax regime also offers an option to taxpayers to continue with the old tax regime, which has more deductions and exemptions, but higher tax rates. The old tax slabs and rates are as follows: Up to Rs. 2.5 lakh: Nil. btv rthaWeb10 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 … btv sectional chart