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How can I save tax on 15 lakhs?

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How can I save tax on 15 lakhs?

The 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. Alternatively, you can follow the new tax regime to file your income tax return.

How can I invest to save tax?

The easy tax saving investments that should be known by all the taxpayers of India are:

  1. 5 years Bank Fixed Deposit.
  2. Public Provident Fund (PPF)
  3. National Savings Certificate (NSC)
  4. Equity Linked Saving Schemes (ELSS)
  5. Unit Linked Investment Plan (ULIP)
  6. National Pension Scheme.
  7. Life Insurance.

How can I save tax on 8 lakhs?

Income tax saving guide: These 10 ways can help you save up to Rs 8 Lakh

  1. Tax Deduction on Home Loan Interest.
  2. Claim Principal Amount of Home Loan.
  3. LIC premium, PF, PPF, Pension Scheme.
  4. Central Government Pension Scheme.
  5. Health Insurance Premium.
  6. Medical and maintenance expenses of disabled dependents.
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How to save income tax by investing in health insurance?

You can also save income tax by taking insurance for your own health or the health of any of your relatives. As per the Income Tax Act, deductions are available for such kind of expenditures. Each of these sections has a different amount of deductions, which only depends on the type of policy that you are investing in.

What is the standard deduction of Rs 40000?

While computing the income chargeable under the head “salary” besides other deductions, a deduction of RS 40000 or the amount of the salary, whichever is less will be allowed. The benefit of Transport allowance and medical reimbursement is withdrawn from FY 2018-19 and a flat benefit of Rs 40000/- as standard deduction is allowed to all employees

What is the extra deduction of Rs 50000 on NPS?

This extra deduction of Rs. 50,000 on NPS will increase the total deduction allowed under Section 80C and 80CCD of Income Tax Act to Rs. 2 lakh. The finance minister has made withdrawals from NPS on maturity tax free upto 60\% of the total corpus accumulated.

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How to save tax on travel expenses in India?

You can save tax on two journeys undertaken by you and your family within a block of four years. This exemption can only be claimed on the submission of actual bills for travel within India. Employers can gift their employees an amount of Rs 5,000 in cash or kind which is totally tax-exempt under the Income Tax Act.