How to save tax other than 80c - quora
Web14 aug. 2024 · Deductions under Section 80CCF of Income Tax Act. Section 80CCF of the IT Act contains provisions for certain tax deductions, in a bid to attract investors and utilise funds efficiently. The current maximum deduction an individual is entitled to stands at Rs 20,000 per year, for investments in infrastructure and other tax saving bonds. WebWhat are the best ways to save tax in India other than 80C? - Quora Answer (1 of 15): Assuming you have exhausted the limit of rs. 150000, there are other sections other than 80C to save tax 1.80 CCD(1B)- contributions to NPS up to 50,000 2.80CCD(2) - if your …
How to save tax other than 80c - quora
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WebTax saving with NPS under Section 80CCD (1B) Tax-paying citizens can save an extra amount of up to ₹50,000 if they invest in the National Pension Scheme that can go over … 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 …
Web21 sep. 2024 · As a taxpayer, you can save up to ₹15,600 under this section. You can also claim tax benefits for premiums paid towards health insurance for self, spouse, children and parents and term insurance plans. This benefit comes under Section 80D of the Income Tax Act. Every year, you can save up to ₹15,600 on these health insurance payments. 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. 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) …
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 …
Web19 sep. 2024 · Section 24 is one of the highly regarded tax-saving options other than 80C. The reason behind this is that presently, for self-occupied homes, you can avail yourself of tax benefits on the principal repaid as well as on the interest amount. If you are planning to invest your money in property, know that you can also save taxes through this method. how to schedule a zoom webinar meetingWeb4 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. how to schedule a zoom room meetingWeb19 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. how to schedule backup in maxdbWeb24 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. how to schedule azure pipelineWebThus, 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 … north obieWeb6 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 … north obhurWeb13 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, … how to schedule back to back zoom meetings