How can I save tax in India other than 80C?

How can I save my income tax in India other than 80C?

What are the Various Tax Saving Investments Other than 80C?

  1. Interest Income Generated from Savings Account Deposits. Section – 80TTA. Limit – ₹10,000. …
  2. Interest Component Paid Towards Education Loan. Section – 80E. Limit – No limit. …
  3. Premium Payment Towards Health Insurance Policies. Section – 80D.

How can I save tax other than 80C?

Section 80D allows tax deduction of up to Rs 25,000 on health insurance premiums paid for self, spouse and dependent children. You can avail an additional deduction of up to Rs 25,000 on health insurance premiums paid for your parents below 60 years of age.

How can I reduce my taxable income in India?

How to Save Income Tax in India

  1. Use up your Rs 1.5 lakh limit under Section 80C. …
  2. 2) Contribute to the National Pension System. …
  3. 3) Pay Health Insurance Premiums. …
  4. 4) Get a deduction on your rent. …
  5. 5) Get a deduction on the interest on your home loan. …
  6. 6) Keep some money in your savings account. …
  7. 7) Contribute to charity.
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How can we save tax in different sections?

You can further save tax by investing additional Rs 50,000 in NPS. Do keep in mind that this deduction is available over and above the tax benefit available under section 80C. Thus, you can save tax by investing up to Rs 2 lakh in a financial year -Rs 1.5 lakh under section 80C and Rs 50,000 under Section 80CCD(1b).

Can I invest more than 1.5 lakhs in 80C?

If you are investing in an equity-linked savings scheme (ELSS) to claim the tax benefit under section 80C of the Income-tax Act, 1961, then do make sure that you have invested marginally more than the specified limit of Rs 1.5 lakh in a financial year.

Where should I invest under 80C?

Best Tax-Saving Investments Under Section 80C

Investment Returns Lock-in Period
ELSS Fund 15%-18% 3 years
National Pension Scheme (NPS) 12%-14% Till Retirement
Unit Linked Insurance Plan (ULIP) Returns vary from plan to plan 5 years
Public Provident Fund (PPF) 7%-8% 15 years

What income is tax free?

Rebate of up to Rs 12,500 is available under section 87A under both tax regimes. Thus, no income tax is payable for total taxable income up to Rs 5 lakh in both regimes. Rebate under section 87A is not available for NRIs and Hindu Undivided Families (HUF) Cess at the rate of 4% is applicable on the income tax amount.

Is PPF part of 80C?

PPF are long term investments backed by government of India. Deposits made in a PPF account are eligible for tax deductions under Section 80C.

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How much tax do I pay on 15 lakhs?

Frequently Asked Questions ( FAQ’s )

Income Slab Applicable Tax Rate
Above Rs 7.5 lakh and up to Rs 10 lakh 15%
Above Rs 10 lakh and up to Rs 12.5 lakh 20%
Above Rs 12.5 lakh and up to Rs 15 lakh 25%
Above Rs 15 lakh 30%

What is the tax on 1 crore in India?

Taxpayers with income between Rs 50 lakh and Rs 1 crore continue to pay 10% surcharge, between Rs 1 crore and Rs 2 crore pay 15%, between Rs 2 crore and Rs 5 crore pay 25% and those with income over Rs 5 crore pay 37%.

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