How can we save tax for salary above 15 lakhs Quora?

Asked by: Winona Weber  |  Last update: May 7, 2023
Score: 4.1/5 (34 votes)

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 much tax do I pay on 15 lakhs Quora?

Originally Answered: What is the income tax on a salary of Rs. 15 lakhs per annum? Hence total tax liability - 25,000 + 1,00,000 + 1,50,000 = 2,75,000. Add :- Education and higher education cess @ 3% - 8,250.

How can we save tax in India for 12 lakhs salary Quora?

Tax exemptions can be availed by investing in the following tools:
  1. Senior Citizen Savings Scheme (SCSS)
  2. Sukanya Samriddhi Yojana (SSY)
  3. National Pension Scheme (NPS)
  4. Public Provident Fund (PPF)
  5. National Pension Scheme (NPS)

What is the best salary structure to save tax?

Below mentioned are 8 highly recommended salary components in your CTC to reduce the outgo of income tax from your salary.
  • #4. ...
  • #5. ...
  • #6. Meal Coupons. ...
  • #7. Uniform allowance. ...
  • #8. Leave Travel Allowance. ...
  • #9. Transportation or Conveyance Allowance. ...
  • #10. Medical Reimbursement and Medical Allowance. ...
  • #11. Car maintenance allowance.

How can I save tax if I earn 20 lakh?

Tax Exempted Salary Components
  1. Meal Coupons.
  2. Car Maintenance.
  3. EPF (Contribution by Employer)
  4. NPS (Contribution by Employer)
  5. Gift voucher.
  6. Mobile Phone and the Internet Bill Reimbursement.
  7. Newspaper/Journal Allowance.
  8. Children Education/Hostel Allowance.

How to save tax for salary above 15 lakhs | Canara HSBC OBC Life Insurance

29 related questions found

How can I minimize my taxes?

  1. Contribute to a Retirement Account.
  2. Open a Health Savings Account.
  3. Check for Flexible Spending Accounts at Work.
  4. Use Your Side Hustle to Claim Business Deductions.
  5. Claim a Home Office Deduction.
  6. Rent Out Your Home for Business Meetings.
  7. Write Off Business Travel Expenses, Even While on Vacation.

How save tax if salary is 20 lakhs Quora?

Coming to second part of your question on how to save tax from salary income, you can:
  1. Invest in ELSS based mutual funds (lock in period is 3 years)
  2. Invest in PPF (lock in period is generally 15 years)
  3. Invest in NPS schemes.
  4. Obtain life insurance for self/spouse/parents/children.

How can I save tax if I earn 10 lakhs?

The tax-saving investments under Section 80C can further reduce taxable income by up to Rs 1.50 lakh. Another Rs 50,000 can be saved by investments in the National Pension Scheme under Section 80CCD(1b). These two deductions will bring the taxable income down to Rs 7.7 lakh per annum.

How can I avoid tax on 12 lakhs?

Tax Deductions under Section 80(C)
  1. Investments in PPF (Public Provident Fund)
  2. Investments in EPF (Employee Provident Fund)
  3. Investments in ELSS funds (Equity-Linked Savings Scheme)
  4. Investments in NSC (National Savings Certificates)
  5. Payment of premiums against Life Insurance Policies.

How can we avoid taxation in India?

  1. Section 80C. Section 80C is one of the most common yet prominent tax saving options that are available to individuals and HUFs in India. ...
  2. Equity Linked Savings Scheme. ...
  3. PPF (Public Provident Fund) ...
  4. National Savings Certificate. ...
  5. Tax-Saver FDs. ...
  6. Senior Citizens Savings Scheme. ...
  7. Sukanya Samriddhi Yojana. ...
  8. Employee Provident Fund.

How can I save my income tax without investment?

Let's see the five ways through which you can save maximum taxes:
  1. 1) House Rent Allowance. Also Read. ...
  2. 2) Education loan. ...
  3. 3) Housing loan. ...
  4. 4) Medical expenses for senior citizen parents. ...
  5. 5) Children's tuition fees, education allowance and hostel allowance and tuition fees.

How can I avoid tax on 15 lakhs?

1. Reduce Your Taxable Income by Up To Rs 1.5 Lakhs (Section 80C, 80CCC, 80CCD)
  1. Unit Linked Insurance Plans (ULIPs)
  2. Pension or Annuity Plans from Life Insurance Companies.
  3. Public Provident Fund (PPF) & Employee Provident Fund (EPF)
  4. New Pension Scheme Tier-I Account.
  5. Senior Citizen Savings Scheme.

How do I pay zero tax in India Quora?

Deposit 1.5 lakhs in approved savingslike LIC premium, PF, NPS, PPF etc and avail exemption under Sec 80C. The rest 5 lakhs even though is taxable, the rebate will upset the liability of tax to zero, and hence you pay zero tax.

How do rich save tax in India?

1. Mutual Funds, Provident Funds, Insurance: If you invest in any mutual funds, Provident Fund or Insurance of any kind, you can save tax under Section 80C of the Income Tax Act. For example, if you invest up to Rs1. 5 lakh in these funds or policies, you can save tax up to Rs46,350.

How do high income earners reduce taxes in India?

You can opt for tax-saving schemes such as equity-linked savings schemes, tax-saving fixed deposits, public provident fund (PPF), post office deposits, home loan principal payment, tuition fees, and National Saving Certificate, among others.

How can I save tax on 22 lakhs Quora?

I'll tell you the ways to save the maximum amount of income tax.
  1. Deduction u/s 80C (Maximum Rs. 150000/-) ...
  2. Deduction u/s 80CCD(1B) (Maximum Rs. 50000/-) ...
  3. Deduction u/s 80D (Rs. ...
  4. Deduction u/s 80G (50% of the Donation Amount) ...
  5. Section 24 (Maximum Rs. ...
  6. Deduction u/s 80G (Maximum Rs. ...
  7. Deduction u/s 80TTA (Maximum Rs.

What is the tax on 16 lakhs in India Quora?

From 16 lakhs deduct ₹ 2.75 Lakhs, Net Salary is ₹ 13.25 lakhs. On this TDS 'll be ₹ 2,18,400/-.

How are billionaires avoiding taxes?

Selling stock generates income, so they avoid income as the system defines it. Meanwhile, billionaires can tap into their wealth by borrowing against it. And borrowing isn't taxable. (Buffett said he followed the law and preferred that his wealth go to charity; the others didn't comment beyond a “?” from Musk.)

How can I avoid paying high taxes?

  1. Invest in Municipal Bonds.
  2. Take Long-Term Capital Gains.
  3. Start a Business.
  4. Max Out Retirement Accounts.
  5. Use a Health Savings Account.
  6. Claim Tax Credits.

How can salaried employees save tax?

10 Tax Saving Options for Salaried Employees
  1. Employee Provident Fund. Employee Provident Fund is one of the most popular ways of tax saving for salaried people. ...
  2. Public Provident Fund. ...
  3. Equity Linked Savings Scheme. ...
  4. Life Insurance. ...
  5. ULIPs. ...
  6. Rental Accommodation. ...
  7. National Pension Scheme. ...
  8. Health Insurance.