How to save tax for salary above 50 lakhs

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WebDeposit 1.5 lakhs in approved savingslike LIC premium, PF, NPS, PPF etc and avail exemption under Sec 80C. The rest 5 lakhs even though is taxable, the rebate will upset … Web19 dec. 2024 · Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing …

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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. WebHow to Save Tax for salaried persons? Best Tax Saving Guide Complete tax planning for salaried persons FY 2024-22 Labour Law Advisor 4.02M subscribers 3M views 1 year … immortality through art

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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. … Web18 jan. 2024 · 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. Home loan deduction, if any, can potentially shave off another significant chunk from the taxable income. Web15 dec. 2024 · There are many ways which can be opted to save income tax for individuals with a salary above INR 10,00,000. But, if you are not sure about tax planning, you are advised to take assistance of a professional tax advisor for maximum deductions and benefits. Found this post informational? immortality through science

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WebZero Capital Gains tax unlike 10% in Mutual Funds Save upto Rs 46,800 in Tax under section 80 C *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply Zero Tax on Maturity Amount Unlike 10% in Mutual Funds Invest ₹18k /month & Get ₹2 Cr Tax Free on maturity Your Name +1 Your Mobile Your Email Web17 jan. 2024 · So, if you want to know how to save tax for a salary above ₹10 lakhs, the tips outlined below can help. 1. Claim HRA Exemption. If you receive House Rent Allowance (as more salaried people do), you can claim a partial exemption if you live in a rented house. The exemption is the least of the following amounts: immortality tropesWebSave taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. … list of uk rock bands

"Web26 dec. 2024 · 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 … " - How to save tax for salary above 50 lakhs

How to save tax for salary above 50 lakhs

What are the best methods to save Tax in India for an income …

Web17 jan. 2024 · Some of the key ways to save tax for salary above 10 lakhs include investing in tax-saving instruments such as Equity-Linked Saving Schemes (ELSS) and Public Provident Fund (PPF), claiming deductions under Section 80C, and making contributions to a National Pension System (NPS). Additionally, individuals can also … Web19 jan. 2024 · In addition to the above, you can save tax on the health insurance premium that you pay for your parents. If your parents are above 60 years of age, you can claim a maximum deduction of Rs. 50,000. Thus, the net taxable income becomes Rs. 4.75 lakhs. Income: Total Income from Salary = Rs. 10,00,000 (A) Deductions:

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WebWe have kept following points in mind: Included all components which are tax free ; For most benefit of HRA – it should be 50% of Basic salary (40% is good if rented houses are in non-metro); Car Maintenance – The company can reimburse Rs 1,800 per month for car less than 1600 CC (Rs 2,400 per month for bigger cars) along with Rs 900 per month for … Web20 jan. 2024 · How to Save Tax For Salary Above 10 Lakhs ... કુલ કરપાત્ર આવક = 10,50,0000 માંથી 50,000 બાદ કરતા = રૂ.10 લાખ બચત વધશે. બીજું કે હવે તમને 80C હેઠળ 1.5 લાખની બચત બાદ મળશે.

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 … WebHow To Save Tax For Salary Above Rs.10 Lakhs Per The Old Tax Regime . If your salary is above Rs.10 lakhs and you want to save taxes in the old tax regime, here are some …

WebFirst, there is a standard deduction of Rs. 50,000 for salaried individuals which will decrease the taxable income to Rs. 9.7 lakh. Tax-saving investments under Section 80 C can further lower your taxable income up to Rs. 1.5 lakh or more depending on your financial portfolio. Web28 nov. 2024 · According to the new tax regime, if your annual income ranges from Rs.10.00 lakhs to Rs.12.50 lakh, the tax deduction rate will be Rs.75,000 + 20% above …

Web13 apr. 2024 · While filing your income tax return, if your taxable income is less than Rs.5,00,000 after incorporating all the applicable deductions and exemptions, you can …

Web10 mrt. 2024 · One of the most effective ways to save tax is by investing in tax-saving instruments. Under Section 80C of the Income Tax Act, you can claim a deduction of up … immortality time to beatWebAnswer (1 of 9): Donate 43.5 lakhs to P.M relief fund or CM relief fund. This donation is exempted fully under Sec 80G(2). Deposit 1.5 lakhs in approved savingslike LIC premium, PF, NPS, PPF etc and avail exemption under Sec 80C. The rest 5 lakhs even though is taxable, the rebate will upset th... immortality through clanWebTax Rates for Individuals and HUF below the age of 60 years and NRIs under the old regime: Surcharge Surcharge applicable as per tax rates below in all categories that are afore-mentioned - 10% of Income tax if total income is more than Rs.50 lakh 15% of Income tax if total income is more than Rs.1 crore immortality tipsWeb21 feb. 2024 · All about easy ways to save Income Tax in 2024. Check Tax-Saving Tips for Salaried Individuals Business Persons Sections 80C. ... as well as a basic tax exemption of Rs. 2.50 lakh, ... The lower limit for paying income tax on … immortality true endingWeb28 nov. 2024 · For total income of more than ₹ 50 lakh, marginal relief applies in such a manner that the net amount payable as income tax and surcharge shall not exceed the … list of uk top-ten singles in 1982 immortality treeWebThis illustration provides a salary calculation for a resident of India earning ₹ 1,300,000.00 per annum in the 2024/24 Tax Year based on the 2024 Income Tax Slabs. You can read further information about this tax and salary calculation below the calculator and in the associated finance guides and tools. You can view a breakdown of each income ... immortality through technology