2024 Tax saving for 10 lakh salary

Tax saving for 10 lakh salary

Author: qujm

August undefined, 2024

WebCreditMantri WebJan 5, 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 …

Tax Planning - How to Save Tax for Salary Above 10 Lakhs

WebMar 10, 2024 · How to Reduce Tax on 10 Lakhs Salary You should understand your salary structure to save more on income tax for 10 lakhs. A salary qualifies for a variety of grants and tax exemptions. The portion … 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 the ventura legacy group

How to Save Tax for Salary above 15 Lakhs in India? - Canara …

WebBased on the income tax slab an individual falls into, they do their maximum tax saving. For instance, an individual paying 20% of her/his income as tax will save around Rs 20,000 on an investment of Rs 1 … WebApr 11, 2024 · Also Read: New Tax Regime Calculator 2024-24: How much tax you will have to pay on Rs 9 to Rs 15 lakh income The best way to decide between the old and … WebApr 10, 2024 · Scenario 2 – Income above Rs.7.50 Lakhs and with eligible deductions: However, once a person’s yearly income exceeds Rs. 7,50, 000, an evaluation is required, taking into consideration the total eligible deductions. The table shows that choosing New TR 2.0 is the best option with a tax outlay of Rs. 31200, if someone’s yearly revenue is ... the ventura pixel

How to optimise tax savings under the new tax regime in FY24?

Old Tax Regime Vs. New Tax Regime: Which Is Better In 2024?

WebMar 1, 2024 · To pay zero tax on a salary of 7 lakhs, you must take advantage of salary exemptions and deductions. From the above example, because Mr Aditya 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 32,500 till FY 22-23 and from FY 23-24, the net tax … WebApr 10, 2024 · Scenario 2 – Income above Rs.7.50 Lakhs and with eligible deductions: However, once a person’s yearly income exceeds Rs. 7,50, 000, an evaluation is … the ventura hamiltonWebIncome tax with 8 lakh salary is Rs. 65,000 with old tax regime and Rs. 31,200 with new tax regime. You can save income tax with old regime by making more investments in various sections. How much tax do I pay on 10 lakh salary? Tax on 10 lakh salary is Rs. 1,06,600 with old tax regime and Rs. 54,600 with new tax regime. the ventura meat company

"WebApr 9, 2024 · As per the new tax regime, there will be no tax for income up to Rs.3 lakh. On income up to Rs. 7 lakh, there will be no tax liability as the benefit of rebate under … " - Tax saving for 10 lakh salary

Tax saving for 10 lakh salary

How to Calculate Income Tax on Salary with Examples? - Tax2win

WebApr 13, 2024 · 10% on the next INR 3 lakh (INR 30,000) 15% on the next INR 3 lakh (INR 45,000) 20% on the next INR 3 lakh (INR 60,000) 30% on the remaining INR 17 lakh (INR 5,10,000) Total tax liability under the New Regime: INR 6,60,000 Comparing the tax liabilities under both regimes, you would save INR 88,500 by opting for the New Tax … WebFeb 4, 2024 · Let’s have a glimpse of the salary slip when you have a package of Rs 20.41 lakhs and your tax payable is zero. Gross Salary: 1,32,500 Basic Salary: Rs 79,500 HRA: Rs 53,000 Deduction: Rs 30,033 EPF (Employer Contribution) – 10,600 NPS (Employer Contribution) – 8,833 EPF (Employee Contribution) – 10,600 The Income Tax – 0

Did you know?

WebFeb 2, 2024 · For those with an annual income of Rs 10 crore, the tax saving will be Rs 38 lakh. The assumption here is that the individual is claiming Rs 1.5 lakh deduction under 80C and standard deduction of Rs 50,000. Source: Deloitte Thus, the new tax regime becomes beneficial for a person who is unable to fully utilise the benefits of deductions. WebFeb 20, 2024 · New Tax Regime rule change: Marginal income over Rs 7 lakh may become tax-free; 5 points; Income tax relief for those earning a tad over Rs 7 lakh likely; 5 Income Tax tasks you must complete ...

WebFeb 23, 2024 · The new tax regime has widened the scope of taxation with seven tax slab rates ranging from 0% to 30% with the highest tax rate applicable on income above INR 15 lakh. Contrary to the new... WebApr 12, 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.

Web15,000 + 10% of (Taxable income - Rs.6 lakh) + Cess (Rs.25,000 rebate will be available to individuals who have an income of up to Rs.7 lakh under Section 87A of the Income Tax Act, 1961) From Rs.9,00,001 to Rs.12,00,000 WebDec 16, 2024 · If your taxable income is up to Rs. 15 lakhs, you can claim tax deductions worth Rs. 10,000 on the interest earned on savings banks account. This is as per Section 80TTA of the Income Tax Act. How to save tax on 12 lakhs salary? You can avail a number of tax deductions under Section 80 (C) of the ITA: Investment in ULIPs

WebApr 10, 2024 · It is a saving bond scheme that encourages subscribers to invest while saving income tax under Section 80C. a) Returns:6.8% p.a. (for Oct1, 2024- Dec31 2024, revised quarterly) b) Risk: Extremely ...

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 Rs.10,00,000. Therefore the tax under the new regime shall be Rs. 95,000 plus cess. These are some of the most common ways you can opt for while planning … See more Let us first understand the tax regimes and how to choose between old and new tax regimes. These are the slab rates under the old income tax regime vs new income tax regime: Budget 2024 update:The tax structure under the … See more Let us practically see a tax computation on how you can pay zero tax on a 10 lakh salary. Additionally, you may claim these deductions if eligible: Note: You might not always have a home loan or be interested in the investment … See more the ventura phoenixWebJan 17, 2024 · First, there is a standard deduction of Rs 50,000 for salaried individuals. This will reduce the taxable income to Rs 9.7 lakh. Then come the tax-saving investments … the ventura upper east sideWebDec 15, 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 … the ventura reporterWebJan 18, 2024 · Even those who earn a healthy Rs 10 lakh per annum can plan for zero taxes. Assuming a person who has Rs 10 lakh per annum in salary income and Rs … the ventura roomWebJan 6, 2024 · If you earn Rs 10,50,000 per annum, and you’re aged less than 60, you will come under the 30% income tax slab. You can start your savings by first investing in … the ventura riverWebFeb 16, 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 7.10 lakh from Rs 10 lakh. Similarly, if an individual has taken a home loan, then an exemption can be claimed under Section 24 for interest paid on housing loan. the ventura townehouseWebFeb 16, 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 … the ventura school for girls