How to save tax other than 80c - quora

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August undefined, 2024

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. Web22 feb. 2024 · Legitimate ways to save income tax 1. Deductions under Section 80C PPF (Public Provident Fund) ELSS funds Tax-saver FDs NSC (National Saving Certificate) …

5 Tax savers over and Above the 80C Limit - ClearTax

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 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. how many cups of dry rice make 4 cups cooked

Is PF included in 1.5 lakh investment? - financeband.com

WebTax 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 … WebInvestment schemes available in the market provide tax exemptions and tax deductions. Learn how you can reduce your tax burden by investing in the tax saving schemes at the right time. Choose from various tax saving mutual funds to claim tax exemptions and/or tax deduction under section 80c or section 80ccc. CUSTOMER CARE. 022-39019400. 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)) how many cups of dog food in a 5 pound bag

Ways to Save Tax Other Than Section 80C Investments - Kotak Life

What are the best ways to save tax in India other than …

WebAnswer (1 of 9): There are two ways in which you can save some taxes in a legal way, also known as tax planning. 1. Investing /Incurring expenditure 2. Restructuring your salary … Web13 mrt. 2024 · Tax Savings Option: Post Office –Term Deposit with more than 5-year term Exemption/Deduction to claim: Section 80C Guidelines: Copy of deposit receipt Tax Savings Option: Tax Saving Fixed Deposits with Scheduled Banks Exemption/Deduction to claim: Section 80C Guidelines: Copy of Deposit Receipt invested during current FY, … high schools in west garfield parkWeb31 mrt. 2024 · “With several investment products, small saving instruments, insurance policies, pension schemes, home loan repayments, EPF contribution, etc. crowding … how many cups of dry rice makes 4 cups cooked

"Web21 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 … " - How to save tax other than 80c - quora

How to save tax other than 80c - quora

Web** 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 … Web5 apr. 2024 · Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or …

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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 ... WebThus, there are several ways for tax saving other than Section 80C, which can effectively increase your total wealth in the long term. Most such tools act as a comprehensive …

Web1.Investment in tax saving options - The foremost way for tax saving is through investing your hard-earned money into various tax saving instruments. Here, you can avail tax deductions up to Rs 1.5 lakh under Section 80C of the … 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.

Web9 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. ... Web21 mrt. 2024 · Beyond the contribution of Rs 1.5 lakh under Section 80C, you can invest an additional Rs 50,000 in NPS which can be claimed as tax deduction under Section …

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 …

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) … high schools in west seattleWebSection 80 C : Find out the Investments and payments that are eligible for 80C deductions. Compare the popular 80C investments in terms of risk, returns, lock-in. X. ... How to save tax other than section 80C? Apart from 80C, various other provisions allow deductions to taxpayer as follows : 80D- for medical insurance premium for self, ... high schools in west sussexWeb19 mrt. 2024 · Here is why you should not invest Rs. 50,000 to get additional tax saving in NPS under section 80CCD (1B) in 2024. The following tax deductions are applicable to the National Pension Scheme. (1) An individual can invest a maximum of Rs. 1.5 Lakhs in Tier 1 for tax deduction under Section 80CCD (1) which is part of 80C. high schools in washoe countyWeb9 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 … high schools in west valleyWeb21 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. high schools in west virginiaWeb12 feb. 2024 · When it comes to saving taxes, most of us try to make the maximum use of section 80C limit of income tax Act. However, there are several ways where your parents, wife and children can also help you save taxes. Here is a look at how this can be done. 1. Buy health insurance for your spouse, children, parents. high schools in west lothianWebHow 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... high schools in westerville ohio