How can I save my 46800 tax?
How can I save my 46800 tax?
An equity-linked savings scheme or an ELSS fund is the only kind of mutual funds eligible for tax deductions under the provisions of Section 80C of the Income Tax Act, 1961. You can claim a tax rebate of up to Rs 1,50,000 and save up to Rs 46,800 a year in taxes by investing in ELSS mutual funds.
What is the tax on 6 lakhs?
Income Tax on Rs 6 lakh income Without Exemptions/Deductions, the tax calculator shows those earning Rs 6 lakh annual income will have to pay Rs 23400 as tax as per the new regime. The tax payable under the old regime without exemptions and deductions will be Rs 33,800.
What is the tax on 5 lakhs?
Tax Rate for Individual Taxpayers for FY 2020-21 (AY 2021-22)
| Tax Slab | Old Rates | New Rates |
|---|---|---|
| Income from 2.5 Lakh – 5 Lakh | 5\% | 5\% |
| Income from 5 Lakh – 7.5 Lakh | 20\% | 10\% |
| Income from 7.5 Lakh – 10 Lakh | 20\% | 15\% |
| Income from 10 Lakh – 12.5 Lakh | 30\% | 20\% |
What are tax saving options?
Investment options under Sec 80C
| Investment | Returns | Lock-in Period |
|---|---|---|
| National Pension System (NPS) | 12\% to 14\% | Till Retirement |
| ELSS Funds | 15\% to 18\% | 3 years |
| Unit Linked Insurance Plan (ULIP) | Varies with Plan Chosen | 5 years |
| Sukanya Samriddhi Yojana (SSY) | 7.60\% | N/A |
How can I save my taxes on big time?
Get a yearly subsidy of $10,000, $15,000 or more back from the IRS. Properly document every deduction and make yourself audit-proof. Eliminate up to 40\% of your Social Security and Medicare tax. Learn about every tax-free fringe benefit available to small businesses and how to IRS bulletproof them.