How to save tax on 10 lakh salary
WebIncome tax above 10 lakhs is taxable at the rate of 30% in the old tax regime, whereas the tax on 10 lakhs income up to Rs. 12 lakhs is taxed at a 15% rate. The old vs. new income tax regime slab rates for the taxpayer as per Union Budget 2024 is as follows: Surcharge Web16 feb. 2024 · In table 1, a salaried individual has claimed HRA exemption and standard deduction from salary income. The net income taxable salary then comes down to Rs …
How to save tax on 10 lakh salary
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Web15 feb. 2024 · Given below are the various tax-saving options for salaried individuals under the old tax regime to save income tax for the current FY 2024-23. Standard deduction: A salaried individual is eligible for standard deduction of Rs 50,000 from salary income. No documentation is required from an individual side to claim this deduction. Web10 mrt. 2024 · Conclusion. In conclusion, choosing the old tax system and utilizing all available deductions and exemptions on tax-saving investments is the best way to reduce your tax liability for a salary above Rs. 10 …
Web15 dec. 2024 · If you want to know how to save tax on 10 lakh salary, you should first understand your Salary Structure to be able to save more. There are various grants and … Web1 mrt. 2024 · To pay zero tax on salary of 10 lakhs, you must take the advantage of salary exemptions and deductions. From the above example, because Mr Arun had good …
Web5 jan. 2024 · 1. First you deduct Rs.500000 as the standard deduction 10,50,0000-50,000 = Rs 10,00,000 2. After this, you can save Rs 1.5 lakh under 80C. In this, you can take advantage of income tax exemption on investment in EPF, PPF, ELSS, NSC and up to Rs 1.5 lakh annually in the form of tuition fees for two children. 10,000,000- 1,50,000 = … WebIf your salary is above Rs.10 lakhs and you want to save taxes in the old tax regime, here are some ways to do so: Understand Your Salary Structure Your salary comprises various tax-exempt allowances. So, the remaining portion of the salary is your taxable income. Thus, Salary minus exemptions = Taxable salary income
Web3 jun. 2024 · Almost 50% of the total Income Tax returns filed in AY19, reported Income from Salaries of which more than 10% reported a Salary of between Rs. 10 to Rs. 20 lac. There are several provisions in the Income Tax Act that allow you to manage your CTC and its components in a manner that will reduce your tax liability to the bare minimum.
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 … simple throneWeb1 mrt. 2024 · Net Tax Payable. ₹52,500. To pay zero tax on salary of 10 lakhs, you must take the advantage of salary exemptions and deductions. From the above example, because Mr Arun had good enough tax exemptions and deduction expenses, the net tax payable was Zero. Under the new regime, Mr Arun will have to pay INR 75,000 till FY 22 … ray gillen wikipediaWeb11 apr. 2024 · List of Deductions and Exemptions under Old Tax Regime. Investments under Section 80C up to Rs 1.5 lakh (Public Provident Fund, Equity Linked Savings Scheme (ELSS), Employee Provident Fund, Life ... simple thresholdingWebCreditMantri simple three ingredient cookiesWebTo 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 … simple three tier wedding cakeWeb30 mei 2024 · The income tax department allows a deduction up to Rs. 1.5 lakh. 4. Long-Term Capital Gains. Long term capital assets are good options for saving on taxes. If … simple three songsWeb12 apr. 2024 · Tax Saving Fixed Deposits ( FD ): This FD scheme is for a tenure of 5 years and provides tax deduction of up to Rs.1.5 lakh. The rate of interest ranges between 7.00% to 8.00%, which is taxable. National Saving Certificate ( NSC ): This scheme is for a tenure of 5 years and offers a 6.80% rate of interest. ray gilreath