Tax saving ideas other than 80c
WebApr 6, 2024 · Get Deductions u/s: 80C, 24, 80EE & 80EEA. Use your home loan efficiently to save more tax. There are five ways to get an income tax deduction on your home loan (s). … WebFortunately, there are measures to reduce your taxable income legally to a more agreeable amount. The most common method of reducing taxable income under Sections 80C and …
Tax saving ideas other than 80c
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WebAnswer (1 of 15): Assuming you have exhausted the limit of rs. 150000, there are other sections other than 80C to save tax 1.80 CCD(1B)- contributions to NPS up to 50,000 … WebThe most commonly used Sections for tax-saving under the Income Tax Act are Section 80C and Section 80D. Popular instruments like EPF, ELSS, ULIP, NPS, etc. are deductible under …
WebNov 27, 2024 · Income from interest on savings interest Interest on savings account is treated as “income from other sources” and is added in the total income of the person. … Web22 hours ago · ELSS mutual fund explained. An equity-linked savings plan (ELSS) is a category of mutual fund wherein at least 80% of the corpus is invested in equity securities. Under Section 80C of the Income Tax Act, you can get a tax exemption up to Rs. 1.5 lakh on your ELSS investments. ELSS has the shortest lock-in period, which is three years, …
WebIn other words, you can claim tax deduction on the contributions made towards NPS, of up to Rs. 1.5 lakh and Rs. 50,000 as per Section 80C limit and Section 80CCD (1B) respectively. However, the additional NPS tax deduction benefit of Rs 50,000 can only be availed if you have a Tier 1 NPS account. 8.
WebFeb 3, 2024 · 3. Public Provident Fund (PPF) The Public Provident Fund has always been a popular tax saving schemes amongst the taxpayer. One of the major reasons for this …
WebAll about Tax Saving Investments other than 80C . The most well-known section of the Income Tax Act of 1961 is Section 80C, which allows for a maximum rebate of ₹ 1.5 lakh … office water cooler 3i costWebFortunately, there are measures to reduce your taxable income legally to a more agreeable amount. The most common method of reducing taxable income under Sections 80C and 80CCD of the Income Tax Act of 1961, is through investing in tax saving instruments which are often among the best taxing saving measures for salaried individuals. office water bottle suppliersWebFortunately, the Income Tax Act also has several provisions to reduce the tax burden. Some of the major tax saving provisions are contained within section 80C. There are also tax … myeartraining安卓WebMar 22, 2024 · Less awareness could be the reason, but by knowing about all those tax-saving opportunities, every taxpayer can reduce more taxes they pay. In this article, we are … office water cooler 5 gallonWebNet Tax liability. 121,680. 195,500. 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 … office water cooler backgroundWebFeb 21, 2024 · Under section 80TTA, a deduction of up to Rs 10,000 per year on savings account interest is allowed. Pic: Reuters. Section 80C of the Income Tax Act of 1961 is one of the most popular tax saving options that allows for deductions up to Rs 1.5 lakh per annum. PPF contributions, five-year term deposits and ELSS schemes are among the list … my ear\u0027s candy lyricsWeb2 days ago · Understanding the old and new tax regimes. The tax liability under the old tax regime was based on income slabs with a tax rate of 5% for income between 2.5 lakhs to 5 lakhs, and 15% for income between 5 lakhs to 7 lakhs. This was further reduced by a rebate available under section 87A, but only if the income was less than 5 lakhs. office water cooler austin tx