How can I save tax on my salary under 13 lakhs?
1. Reduce Your Taxable Income by Up To Rs 1.5 Lakhs (Section 80C, 80CCC, 80CCD)
- Unit Linked Insurance Plans (ULIPs)
- Pension or Annuity Plans from Life Insurance Companies.
- Public Provident Fund (PPF) & Employee Provident Fund (EPF)
- New Pension Scheme Tier-I Account.
- Senior Citizen Savings Scheme.
What is the maximum amount you can save on income tax?
Rs. 1.5 lakh
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.
What will be the income tax for 14 lakhs?
Under the old regime, with deductions, these individuals pay 20\% income tax. Similarly, people earning Rs 10 lakh to Rs 12.5 lakh pay 20 per cent, and those earning Rs 12.5 lakh to Rs 15 lakh pay 25\% — against 30 per cent earlier.
What tax will I pay on 20 lakhs?
Assessing your Tax Slab For a salary ranging between Rs 20 lakhs and Rs 25 lakhs, the applicable tax rate under the new tax regime would be the highest, that is 30\%. Incidentally, this is the same tax slab that your salary would fall under according to the existing tax regime, that is 30\%.
How much tax do I pay on 10 lakhs?
Income Tax Slabs for individuals below 60 years – Old and New Tax Regimes
| Income Tax Slab | ||
|---|---|---|
| New | Income | Old |
| 10\% | Rs. 5 lakhs to Rs. 7.5 lakhs | 20\% |
| 15\% | Rs. 7.5 lakhs to Rs. 10 lakhs | 20\% |
| 20\% | Rs. 10 lakhs to Rs. 12.5 lakhs | 30\% |
How much will be the new tax on income above 15 lakh?
Income above Rs 15 lakh will be taxed at 30 per cent. NEW DELHI: Individuals having an annual salary income of over Rs 13 lakh and availing deductions of up to Rs 2 lakh will save on their tax outgo if they opt for the new tax regime proposed in the Budget, government sources said on Sunday.
What is the average savings of a person with 14 lakhs?
On salary of Rs 14 lakh a year, savings would be Rs 10,400; and for those with income of Rs 15 lakh and above, savings would be Rs 15,600, provided the deductions claimed are up to Rs 2 lakh.
How many taxpayers actually claim less than Rs 2 lakh tax deduction?
This means that about 90 per cent of taxpayers actually claim deduction of less than Rs 2 lakh. Offering an optional lower rate of income tax to individuals, Finance Minister Nirmala Sitharaman in the Budget 2020-21 proposed new tax slabs of 15 per cent and 25 per cent in addition to the existing 10 per cent, 20 per cent and 30 per cent.
How much tax will you pay on your income in India?
Those earning a salary between Rs 10 and 12.5 lakh will pay tax at the rate of 20 per cent, while income between Rs 12.5 and Rs 15 lakh will be liable to pay 25 per cent tax. Income above Rs 15 lakh will be taxed at 30 per cent. The new slabs would be for individuals not availing certain specified deductions or exemptions.