WebFirst, there is a standard deduction of Rs. 50,000 for salaried individuals which will decrease the taxable income to Rs. 9.7 lakh. Tax-saving investments under Section 80 C can further lower your taxable income up to Rs. 1.5 lakh or more depending on your financial portfolio. WebThis illustration provides a salary calculation for a resident of India earning ₹ 1,300,000.00 per annum in the 2024/24 Tax Year based on the 2024 Income Tax Slabs. You can read further information about this tax and salary calculation below the calculator and in the associated finance guides and tools. You can view a breakdown of each income ...
How to pay zero tax on salary income INR 20+ Lakhs for FY 2024 …
Web16 dec. 2024 · As can be seen from the table above, after claiming the maximum deductions in the ITR, the total taxable income for the FY 2024-23 for a CTC of Rs. 20 lakhs comes to Rs. 4,50,000, which is exempted from tax payment under Section 87A of the Income Tax Act (falling in the tax bracket below Rs. 5,00,000). Hence, the individual with … WebInvesting in the National Pension Scheme (NPS) is an effective way to save tax for those earning a salary of more than 20 lakhs annually. NPS offers several attractive tax benefits, such as exemption from capital gains on withdrawal and deduction of up to 10% of one’s income under Section 80C. shorty vest
How to Save Tax For Salary Above ₹20 lakhs? - Wint Wealth
Web10 mrt. 2024 · One of the most effective ways to save tax is by investing in tax-saving instruments. Under Section 80C of the Income Tax Act, you can claim a deduction of up … Web19 dec. 2024 · If you belong to the above 50 lakh tax slab, you can opt to reduce the tax liability using any of the tax-saving options below. The guide below states how much tax will be deducted for 50 lakhs and various tax-saving methods you can use to reduce … WebTaxable Income = Rs. 5,00,000. And when your taxable income is Rs. 5 Lakhs or less, you get Tax Rebate under Section 87A, according to which you get rebate of Rs. 12,500. So tax on Rs. 5 Lakhs income is Rs. 12,500 (based on 5 % slab of old tax regime), which is cancelled by this tax rebate. You can also use Income Tax Calculator to check you ... shorty ventre plat dim