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How can I save tax if I earn 10 lakhs?

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How can I save tax if I earn 10 lakhs?

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)

How can I save tax in 10 lakhs Quora?

A few of the options are as follows:

  1. Public Provident Fund.
  2. Life Insurance Premium.
  3. National Savings Certificate.
  4. Equity Linked Savings Scheme.
  5. 5 year fixed deposits with banks and post office.
  6. Tuition fees paid for children’s education, up to a maximum of 2 children.

How can I save more tax?

Recommended ways of saving taxes under Sec 80C,80D and 80EE

  1. Make an investment of Rs 1.5 lakh under Sec 80C to reduce your taxable income.
  2. Buy Medical Insurance, maximum deduction allowed is Rs.
  3. Claim deduction up to Rs 50,000 on Home Loan Interest under Section 80EE.
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How can I save tax if my salary is under 10 lakhs?

How can I save tax if my salary is under 10 lakhs? 1 Exhaust your 80 C limit of Rs 1,50,000 2 Reduce your medical expenditure. Invest in health insurance and avail the deduction 3 Claim home loan interest 4 You will get an additional tax benefit if you are an NPS contributor 5 Avail the standard deduction if you are a salaried person More

What is the additional deduction on interest on 35 lakh home loan?

This additional deduction has been given on interest for loan up to Rs 35 lakh, provided the house value doesn’t exceed Rs 50 lakh. Assuming a loan of Rs 35 lakh to be paid over 20 years, the annual deduction comes to around Rs 2.5 lakh, including the Rs 2 lakh currently available.

What is the tax slab for 10 lakhs in India?

What is the tax slab for Rs 10 lakhs? If your taxable income is Rs 10 lakh per annum, you will fall into the tax slab of Rs 10 lakhs – 12.5 lakhs. As per the new Tax rate post the budget 2020, 20\% of your taxable income is liable for the tax deduction. 2.

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What are the best tax saving options under Section 80C?

You must be aware that Section 80C offers a maximum deduction of up to Rs. 1,50,000. A few of the options are as follows: ELSS mutual funds are one of the best tax saving options under 80C]