How can I save tax if I earn 8.5 lakhs?
Income tax saving guide: These 10 ways can help you save up to Rs 8 Lakh
- Tax Deduction on Home Loan Interest.
- Claim Principal Amount of Home Loan.
- LIC premium, PF, PPF, Pension Scheme.
- Central Government Pension Scheme.
- Health Insurance Premium.
- Medical and maintenance expenses of disabled dependents.
How much tax should I pay for 8 lakhs?
If your salary is Rs 8 lakh per annum and you opt for the new income tax India regime, your income tax will be Rs 46,800. This will be without any exemptions/deductions.
How can I save my 46800 tax?
An equity-linked savings scheme or ELSS is a tax-saving investment under Section 80C of the Income Tax Act, 1961. By investing in ELSS, you can claim a tax rebate of up to Rs 1,50,000 a year and save up to Rs 46,800 a year in taxes. An ELSS is the only kind of mutual fund eligible for tax benefits under Section 80C.
How can I save tax on my salary under 10 lakhs?
How to Save Tax for a Salary Above Rs 10 Lakhs?
- Reduce Your Taxable Income by Up To Rs 1.5 Lakhs (Section 80C, 80CCC, 80CCD)
- Additional Reduction of Up To Rs 50,000 for NPS Investors (Section 80CCD.
- Reduce Your Taxable Income by Up To Rs 75,000 (Section 80D)
- Reduce Your Taxable Income by Up To Rs 2 lakhs (Section 24)
What is the tax for 8 lakhs in India?
If an individual has a salary of Rs 8 lakh per annum, and he/she has opted for a new income tax slab regime, then an income tax will be Rs 46,800. It is calculated without any exemptions and deductions.
How much can individuals save taxes?
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 is the tax for 8.5 lakhs in India?
If an individual has a salary of Rs 8 lakh per annum, and he/she has opted for a new income tax slab regime, then an income tax will be Rs 46,800….What is an Income Tax on a Salary of Rs. 8 Lakhs Per Annum?
| Particulars | As per Tax Rate before Budget 2020 | As per Tax Rate after Budget 2020 |
|---|---|---|
| Income | 8,00,000 | 8,00,000 |
How can I save tax?
Recommended ways of saving taxes under Sec 80C,80D and 80EE
- Make an investment of Rs 1.5 lakh under Sec 80C to reduce your taxable income.
- Buy Medical Insurance, maximum deduction allowed is Rs.
- Claim deduction up to Rs 50,000 on Home Loan Interest under Section 80EE.
How can I save my income tax?
Park your Money in Government Schemes Individuals can claim up to ₹1.5 Lakh spent on such investments as tax waivers on total annual income, under Section 80C of the Income Tax Act. Tax exemptions can be availed by investing in the following tools: Senior Citizen Savings Scheme (SCSS)
How can a salaried person save income tax?
Save Income Tax on Salary
- Deductions under Section 80C, Section 80CCC and Section 80CCD. Citizens of India can save tax under these 3 sections.
- Medical Expenses.
- Home Loan.
- Education Loan.
- Shares and Mutual Funds.
- Long Term Capital Gains.
- Sale of Equity Shares.
- Donations.
What is the tax on 8.5 lakhs in India?
What is the income tax on a salary of 8 lakhs?
If your salary is Rs 8 lakh per annum and you opt for the new income tax India regime, your income tax will be Rs 46,800. This will be without any exemptions/deductions. You can save Rs 28,600 more in comparison to the old regime. The table below will make it clear to you. What is the income tax on a salary of Rs 10 lakh per annum?
Who will get full tax rebate of 5 lakh?
The government has proposed to give full tax rebate to individuals having taxable annual income up to Rs 5 lakh with a view to benefitting around 3 crore middle class taxpayers at an estimated revenue sacrifice of Rs 18,500 crore.
How can I reduce my income tax if I have 10 lakhs?
If you have a salary of under 10 lakhs, you may opt for the old Income tax regime and try to lower your tax burden as much as possible by implementing the following- Reduce your medical expenditure. Invest in health insurance and avail the deduction 4. Is 10 lakhs a good salary in India?
What is the tax slab for 10 lakhs in India?
What is the tax slab for Rs 10 lakhs? If your taxable income is Rs 10 lakh per annum, you will fall into the tax slab of Rs 10 lakhs – 12.5 lakhs. As per the new Tax rate post the budget 2020, 20\% of your taxable income is liable for the tax deduction. 2.