What is the maximum amount of tax I can save?
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What is the maximum amount of tax I can save?
Rs. 1.5 lakh
The most popular tax-saving options available to individuals and HUFs in India are under Section 80C of the Income Tax Act, Section 80C includes various investments and expenses you can claim deductions on – up to the limit of Rs. 1.5 lakh in a financial year.
How salaried person can save taxes?
People can save tax if they invest money in shares and mutual funds. Under Section 80CCG of the Income Tax Act, citizens who earn below Rs. 12 Lakhs annually are allowed an additional deduction if they invest money in shares of certain companies and some specified mutual funds.
How a salaried person can save tax in India?
If you are looking for financial tools that enable income tax deductions for salaried employees, consider ELSS. Equity Linked Savings Scheme or ELSS is considered one of the best tax saving options for salaried individuals. Investment in ELSS schemes is eligible for deduction from an employee’s taxable income u/s 80C.
How can I reduce my tax bill?
7 Best Tips to Lower Your Tax Bill from TurboTax Tax Experts
- Take advantage of tax credits.
- Save for retirement.
- Contribute to your HSA.
- Setup a college savings fund for your kids.
- Make charitable contributions.
- Harvest investment losses.
- Maximize your business expenses.
How do I calculate the take home salary of 3 LPA?
If the salary of 3 LPA is your Cost to Company (CTC) then after subtracting Gratuity, Employer’s Provident Fund (EPF) contributions and Taxes on your Taxable Income from this CTC, we will arrive at your Take Home salary or Net Income. Let’s assume 3LPA is the CTC, Rs. 2000 per month is the EPF and Rs. 1000 per month is the gratuity.
Is it possible to earn 40-50 LPA in India?
Also, don’t run after 40–50 LPA just because someone you know in abroad (US) earns the equivalent amount in Dollars because earning INR 50 LPA in US is not same as earning INR 50 LPA in India, you need to consider PPP (Purchasing Power Parity). Nothing comes easy and for free in the life and so is 40–50 LPA.
How to score job above 25 LPA in 3 years?
Once you have the grasp of the domain and you have build some contacts in the industry, you can easily score job above 25 LPA. I started my career with 6 LPA (did not get this from college placement) and moved to 30LPA in 3 years and I am not very proud of this as 50\% of people in my circle are getting the same amount.
How much is the tax deduction for salary of 3 lakhs?
Certified Tax Resolution Specialist standing ready to help. If you are earning Rs 3 Lakh annually and you are resident in India, then your Tax Payable will be Rs 3,090/- (after considering Rebate u/s 87A). So your Employer will deduct Rs 3,090/- from your Salary in Total.