WebMar 1, 2024 · Income Tax Saving 2024: If planned properly, salaried persons can save a lot of money through various avenues available for tax savings under the Income Tax … Web7 Smart ways to save tax for salaried employees. By making investments in select financial products and claiming deductions under certain allowances, one can reduce the taxable income . Deductions can be claimed on spends under life insurance premium paid, school fees, contribution to EPF, PPF, NSC, investments in ELSS, NPS.
Tax Saving Options for Salaried Employees - Max Life Insurance
WebSep 21, 2024 · For example, you earn ₹8 lakhs annually and do not get HRA, but pay a rent of ₹16,000 per month, i.e. ₹1.92 lakhs in a year. As per the first condition, you can avail of a tax exemption of ₹60,000. According to the second condition, the permissible deduction would be ‐ ₹1,92,000 ‐ ₹80,000 (10% of income) ‐ ₹1,12,000. WebFeb 3, 2024 · An investment in ELSS equity linked savings scheme qualifies for a tax deduction. You can claim deduction under section 80C of up to Rs 1.5 lakhs. ELSS is a tax saving mutual fund that invests more than 65% of its corpus in equities and the rest of the 35% in debt instruments. 19. Deductions. The lower your taxable income; lower is your tax ... candle warmer not melting wax
Best Income Tax saving options for women salaried employees in …
WebBest investment options for young investors in 2013 There are young people who just finished their college and started earning money. ... 5 ways to save income tax for salaried employees in India. ... Jan-2013 Tax saving investment options helps us to save income tax. Taxpayers can save additional tax by investing up to ₹ 50,000 in NPS. This is over and above the benefit, they can claim on contributions under Section 80c. They also have the option of utilizing NPS for the ₹ 1.5 lakh limit of Section 80c. This combination will take total deduction one can claim with NPS to ₹ 2 lakh. Read: … See more To encourage self-financed health insurance, there is a tax incentive. Section 80D allows for tax deductions from the total taxable income towards the payment of health insurancepremiums as well as expenses incurred … See more Borrowing to realize higher education dreams is common these days. Students who have availed an education loan to pursue their education … See more Section 80GG is another tax-saving option for salaried 2024-2024 other than 80C. If you are salaried but do not receive HRA because you work in the informal sector or because you are self-employed, you can claim deduction … See more Homeowners with a home loan can claim tax deduction under Section 24 of the income tax on the interest component of their home loan. The maximum tax deduction that a … See more candle warmer lamp hurricane