How to save tax other than 80c - quora

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August undefined, 2024

WebSection 80C consists of several investments and savings options that help you reduce your tax liability by claiming deductions against the amount invested or paid for an approved … Web6 jan. 2024 · To avail HRA benefit, the least of the following amount (yearly) is exempted, rest is taxable: i) Actual HRA received = Rs. 84,000 (7000 x 12) ii) 50% of salary (metro city) = Rs. 90,000 (50% of Rs . (15,000 x 12 = 1,80,000)) iii) Excess of rent paid annually over 10% of annual salary = Rs .82,800 (Rs .1,00,800* - (10% of Rs. 1,80,000))

10 Best Tax Saving Options in India in 2024 - Samco

WebWhat are the best ways to save tax in India other than 80C? - Quora Answer (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 2.80CCD(2) - if your … Web12 feb. 2024 · When it comes to saving taxes, most of us try to make the maximum use of section 80C limit of income tax Act. However, there are several ways where your parents, wife and children can also help you save taxes. Here is a look at how this can be done. 1. Buy health insurance for your spouse, children, parents. bilston ce primary school wolverhampton

NPS: Everything you need to know - ET Money Blog

Web** Best Tax Saving Options Other Than 80C ** Before planning our taxes everyone should be aware of the total income and tax liability in order to be smart tax saver. The … WebSection 80 C : Find out the Investments and payments that are eligible for 80C deductions. Compare the popular 80C investments in terms of risk, returns, lock-in. X. ... How to save tax other than section 80C? Apart from 80C, various other provisions allow deductions to taxpayer as follows : 80D- for medical insurance premium for self, ... Web26 feb. 2024 · If you have exhausted the Rs 1.5 lakh limit under Section 80C, then additional tax can be saved by investing Rs 50,000 in NPS. This deduction claimed will be over and above Section 80C deduction of Rs 1.5 lakh. Here is a look at the tax benefits one gets by investing in NPS. Getty Images Puneet Gupta cynthiana restaurants

House Rent Allowance Formula & HRA Tax Exemption

PF and VPF – Why You Should Opt for VPF - ClearTax

WebAnswer (1 of 9): There are two ways in which you can save some taxes in a legal way, also known as tax planning. 1. Investing /Incurring expenditure 2. Restructuring your salary … Web24 feb. 2024 · How to Save Tax Other Than 80c. Section 80C of the Income Tax Act allows you to claim a deduction of up to Rs 1.5 lac from your total taxable income. This is an excellent way to minimize your tax liability. However, there’s a lot more to tax planning than Section 80C. Deductions under numerous other Acts also allow you to enjoy tax benefits. bilston christian spiritualist churchWebUnder section 80TTA of the Income Tax Act, 1961, you are allowed to claim a deduction on your savings account deposits which have been held in a cooperative society, bank, or post office. It must be noted that the amount of exemption which has been sought must be lower than Rs. 10,000. This section has been a part of the Finance Bill since 2013 ... cynthia nartonis - hangzhou - christies

"Web9 mrt. 2024 · Understanding Section 80D tax-saving with examples . Example 1: Nitin is 45 years old and is covered by medical insurance for himself, his spouse and dependent children, paying Rs 18,000 as an annual premium.He has also incurred Rs 4,000 for preventive health check-ups towards his family. Tax deduction under Section 80D: Rs … " - How to save tax other than 80c - quora

How to save tax other than 80c - quora

Ways to save tax other than Section 80C - TaxGuru

WebTax Benefits of NPS. The NPS has its share of income tax benefits both at the time of making contributions and at the time of withdrawal on maturity. Individual taxpayers can … Web19 okt. 2024 · PPF is a great tax saving option as it qualifies for deduction upto Rs 1.5 Lakhs per annum under section 80C of the Income tax act. Additionally, it has provided …

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Web13 mrt. 2024 · Tax Savings Option: Post Office –Term Deposit with more than 5-year term Exemption/Deduction to claim: Section 80C Guidelines: Copy of deposit receipt Tax Savings Option: Tax Saving Fixed Deposits with Scheduled Banks Exemption/Deduction to claim: Section 80C Guidelines: Copy of Deposit Receipt invested during current FY, … Web15 feb. 2024 · Section 80C includes mutual funds, insurance premium tax saver FDs, PPF and several other schemes. 80CCC governs contributions to specific policies which pay a pension or annuity. 80CCD covers contributions to India’s National Pension System (NPS) Section 80C Limits The maximum limit for tax saving under Section 80C is Rs 1.5 lakh.

WebOther Tax Saving options beyond Sec 80C Apart from the 80C deductions, there are various deductions under Section 80 you can use to save on income tax. Tax benefits on health insurance premiums and home loan interest are a few- Medical insurance premium to be claimed at Rs. 50,000. Web19 okt. 2024 · Let us now understand how you can utilise these 10 tax saving options to save tax. Public Provident Fund (PPF) PPF is a great tax saving option as it qualifies for deduction upto Rs 1.5 Lakhs per annum under section 80C of the Income tax act. Additionally, it has provided decent returns in the 7% – 9% range.

WebInvestment schemes available in the market provide tax exemptions and tax deductions. Learn how you can reduce your tax burden by investing in the tax saving schemes at the right time. Choose from various tax saving mutual funds to claim tax exemptions and/or tax deduction under section 80c or section 80ccc. CUSTOMER CARE. 022-39019400. Web21 mrt. 2024 · Beyond the contribution of Rs 1.5 lakh under Section 80C, you can invest an additional Rs 50,000 in NPS which can be claimed as tax deduction under Section …

Web1.Investment in tax saving options - The foremost way for tax saving is through investing your hard-earned money into various tax saving instruments. Here, you can avail tax deductions up to Rs 1.5 lakh under Section 80C of the …

Web28 jun. 2024 · Actual rent paid less 10% of the total income (some exclusions are there) 4. NPS Scheme: This scheme offers you additional tax deduction for Rs.50000/- other than Section 80C. 5. Section 80E: Deduction for interest paid on Educational loan – Best part is that there is no maximum limit. bilston cheshireWebHow Much Income Tax One Can Save in Assessment Year 2024-24. The section 80C of the income tax as well has seen a 25% rise in its standard deduction threshold. In this way, the income taxpayers can make use of their earned income in the assessment year 2024-21 and hence can easily do income tax calculation. The government for the same has said ... bilston citizens advice bureauWeb31 mrt. 2024 · “With several investment products, small saving instruments, insurance policies, pension schemes, home loan repayments, EPF contribution, etc. crowding … cynthiana sheriff\\u0027s departmentWeb3 feb. 2024 · You can claim a tax benefit under section 80C up to Rs. 1.5L You can invest as low as Rs. 1,000 (or multiples of Rs. 100). You can increase the investment amount as per your convenience. On maturity, the entire maturity value will be received by the investor and the same will be taxed in the hands of the taxpayer. An early exit is not available. bilston cemetery wolverhamptonWeb5 apr. 2024 · Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or … bilston church of englandWeb31 mrt. 2024 · “With several investment products, small saving instruments, insurance policies, pension schemes, home loan repayments, EPF contribution, etc. crowding Section 80C, taxpayers often tend to... cynthiana shootingWeb21 dec. 2024 · Section 80 TTA: Savings Account Interest. Interest earned on deposits in your Savings Bank or Post Office Savings Account up to a limit of INR 10,000 per year … cynthiana sheriff\u0027s department