How to save tax other than 80c - quora

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Web6 jan. 2024 · To avail HRA benefit, the least of the following amount (yearly) is exempted, rest is taxable: i) Actual HRA received = Rs. 84,000 (7000 x 12) ii) 50% of salary (metro city) = Rs. 90,000 (50% of Rs . (15,000 x 12 = 1,80,000)) iii) Excess of rent paid annually over 10% of annual salary = Rs .82,800 (Rs .1,00,800* - (10% of Rs. 1,80,000)) Web26 feb. 2024 · If you have exhausted the Rs 1.5 lakh limit under Section 80C, then additional tax can be saved by investing Rs 50,000 in NPS. This deduction claimed will be over and above Section 80C deduction of Rs 1.5 lakh. Here is a look at the tax benefits one gets by investing in NPS. Getty Images Puneet Gupta

14 tax-saving investment options beyond Section 80C limit

Web21 feb. 2024 · You can save tax in the following two ways. Investing money in tax-saving instruments The government encourages citizens to invest in the tax-saving investments mentioned under section 80C of the Income Tax Act in order to reduce their tax burden. sims 4 chess on computer

35 Easy Ways to Save Income Tax in India (Updated for FY 2024 …

WebFortunately, the Income Tax Act also has several provisions to reduce the tax burden. Some of the major tax saving provisions are contained within section 80C. There are also tax saving options other than section 80C deduction. Let us look at what this important section includes and explore the alternative ways to save tax other than Section 80C. Web6 apr. 2024 · Tax Savings Under Section 80G. Donations to specified funds or charitable institutions. You need to retain the stamped receipts of the donations and make sure the … Web16 mrt. 2024 · The tax-saving options available in the 80C basket include life insurance premium, principal payment portion of a home loan, investments in five-year tax-saving bank fixed deposits (FD), National Pension System (NPS), Public Provident Fund (PPF), National Savings Certificate (NSC), Sukanya Samriddhi Yojana, ELSS etc. rbkc housing allocations policy

Best Tax-Saving Investment Options Available Under Section 80C

Tax Saving Options - How to best take advantage of tax saving …

Web21 apr. 2024 · Investments of up to Rs 1.5 lakh in Ulips are eligible for tax breaks under Section 80C. But if the annual premium exceeds Rs 2.5 lakh in any year, then the proceeds from such ULIPs are taxable ... Web4 jan. 2024 · Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of … rbkc housing benefit change of addressWebTax Benefits of NPS. The NPS has its share of income tax benefits both at the time of making contributions and at the time of withdrawal on maturity. Individual taxpayers can … sims 4 chess mod

"Web31 mrt. 2024 · “With several investment products, small saving instruments, insurance policies, pension schemes, home loan repayments, EPF contribution, etc. crowding … " - How to save tax other than 80c - quora

How to save tax other than 80c - quora

HRA Exemption Rules: How to save tax on House Rent Allowance

WebHow Much Income Tax One Can Save in Assessment Year 2024-24. The section 80C of the income tax as well has seen a 25% rise in its standard deduction threshold. In this way, the income taxpayers can make use of their earned income in the assessment year 2024-21 and hence can easily do income tax calculation. The government for the same has said ... WebThe House Rent Allowances that the employer gives. 50% of the employee's salary is eligible for HRA tax exemption if they live in any of the Metro cities of India. The metropolitan cities of India include Delhi, Mumbai, Calcutta, and Chennai. In case the employee lives in any other city, then 40% of the salary can be HRA exempted.

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Web4 feb. 2024 · Section 80C/80CCC/80CCD (Rs 1,50,000): The Investment in the EPF, PPF, The Pension Plans, ELSS, FD, NPS, NSC, SCSS, Life Insurance, SSA and NPS. Also includes Tuition Fees, Home Loan’s Principal repayment, Stamp Duty (The Best Tax Saving Investments under section 80C ) Section 80E: The Interest paid on the Education Loan. Web24 jun. 2024 · Listed below are tax *-saving investments and payments under 80C of the Income Tax Act: Life Insurance: The premiums paid towards all life insurance plans are eligible for tax * benefits as per Section 80C. The deduction can be claimed for the premiums paid towards a plan for self, spouse, children or any individual from a Hindu …

WebUnder section 80TTA of the Income Tax Act, 1961, you are allowed to claim a deduction on your savings account deposits which have been held in a cooperative society, bank, or post office. It must be noted that the amount of exemption which has been sought must be lower than Rs. 10,000. This section has been a part of the Finance Bill since 2013 ... Web24 feb. 2024 · How to Save Tax Other Than 80c. Section 80C of the Income Tax Act allows you to claim a deduction of up to Rs 1.5 lac from your total taxable income. This is an excellent way to minimize your tax liability. However, there’s a lot more to tax planning than Section 80C. Deductions under numerous other Acts also allow you to enjoy tax benefits.

Web22 sep. 2024 · When filing your income tax returns, as a salaried or self-employed individual, you can claim up to ₹ 1,50,000 jointly under Section 80CCD (1) for contributions made to NPS or APY individually and Section 80CCD (2) … Web9 mrt. 2024 · Understanding Section 80D tax-saving with examples . Example 1: Nitin is 45 years old and is covered by medical insurance for himself, his spouse and dependent children, paying Rs 18,000 as an annual premium.He has also incurred Rs 4,000 for preventive health check-ups towards his family. Tax deduction under Section 80D: Rs …

WebHow to Save Tax other than Section 80C? जानिए 80 C के अलावा छुट #taxsavingtips #ca how to save taxhow to save income taxhow to save tax in indiatax sav...

Web19 okt. 2024 · PPF is a great tax saving option as it qualifies for deduction upto Rs 1.5 Lakhs per annum under section 80C of the Income tax act. Additionally, it has provided … sims 4 chest hair modsWeb21 dec. 2024 · Section 80 TTA: Savings Account Interest. Interest earned on deposits in your Savings Bank or Post Office Savings Account up to a limit of INR 10,000 per year … sims 4 chicken and wafflesWeb21 dec. 2024 · Final Note: So, whether you are a resident Indian or an NRI, you can benefit from various tax saving schemes that are covered in sections other than 80C.Together, the many sections offer substantial tax relief. At DBS Treasures, our dedicated mortgage specialists will help you get instant approval on home loans at the most competitive … sims 4 chic bathroomWebSection 80C consists of several investments and savings options that help you reduce your tax liability by claiming deductions against the amount invested or paid for an approved … rbkc housing contactWeb18 jan. 2024 · VPF contributions made towards the EPF accounts are eligible for tax deductions under the provisions of Section 80C of the Income Tax Act, 1951. Hence, you can contribute as much as you want but the tax deductions available to the taxpayers is restricted to Rs 1,50,000 a year and one can save up to Rs 46,800 a year in taxes. rbkc housing benefit claim formWeb9 feb. 2024 · - Quora. Yes, EPF of employee contribution is a part of 80C. If you planning for tax saving under 80C (maximum saving 1.5 lac under 80C) than you have deduct your EPF contribution first than for rest you may start your planning. How do you avoid tax on investments? 7 ways to minimize investment taxes Practice buy-and-hold investing. ... rbkc housing officerWeb** Best Tax Saving Options Other Than 80C ** Before planning our taxes everyone should be aware of the total income and tax liability in order to be smart tax saver. The … rbkc interactive policy map