Question: How Can I Save Tax If I Earn 15 Lakh?

How can I save my tax in 2020 21?

Let’s dive in!Ways to save on your income taxes.

Contribute to the National Pension System (NPS) …

Get deduction on interest paid on your home loan.

Secure some amount for future.

National Saving Certificate.

Pay for health insurance.

Contribute a bit into charitable institutions.

Public Provident Fund (PPF).

Is 2 lakhs a good salary?

Honestly unless it’s through multiple sources of income it makes one more nervous and insecure. A full time job of 2+ lacs a month increases your cost of living and loans or investment. You slowly realize that you would be pauper if you loose your job.

What income is tax free?

As per the current income tax slabs, taxation of income of resident individuals below 60 years is as follows: Income up to Rs 2.5 lakh is exempt from tax, 5 per cent tax on income between Rs 250,001 to Rs 5 lakh; 20 per cent tax on income between Rs 500,001 and Rs 10 lakh; and 30 per cent tax on income above Rs 10 lakh …

Is 80c removed in 2020?

[Budget 2020] Tax Rates Lowered But HRA, 80C, and INR 50,000 Standard Deduction Gone. In the Union Budget 2020, finance minister Nirmala Sitharaman proposed a new tax regime with lower tax rates for different income groups. … However, all without deductions.

What tax will I pay on 5 lakhs?

SynopsisIncomeTax liabilityUp to Rs 2.5 lakh0Between Rs 2.5 lakh and Rs 5 lakh5% of Rs 2.5 lakh = Rs 12,500Income above Rs 5 lakh (Rs 10,000)20% of Rs 10,000 = Rs 2000Total tax liabilityRs 14,5001 more row•Feb 28, 2020

How much tax do I pay on 15 lakhs?

As per the new tax slabs, individuals earning Rs 5 lakh to Rs 7.5 lakh will be taxed at 10 per cent and those from Rs 7.5 lakh to Rs 10 lakh would be levied 15 per cent. Those earning above Rs 15 lakh would need to pay 30 per cent tax.

How can I save tax if I earn 13 lakh?

Individuals earning salary of over ₹13 lakh a year to save under new tax regime. NEW DELHI : Individuals having an annual salary income of over ₹13 lakh and availing deductions of up to ₹2 lakh will save on their tax outgo if they opt for the new tax regime proposed in the Budget, government sources said on Sunday.

Is 20000 a good salary in India?

With a combined income of Rs 20,000 a month, a couple can still lead a decent life in any Indian city. … At best, the figure could be stretched to around Rs 7,000. Living Expenses. Then, they have to consider living and transportation expenses, which will have to be managed within a budget of Rs 5,000-7,000.

Is 1 lakh a good salary?

1 lakh is not a small amount of money but it entirely depends on your lifestyle. If you try to live a high end lifestyle, spending more than 80% of your income living that life, then 1 lakh will seem less. … Money is always relative be it in case of salary or luxury.

Which tax regime is better for 20 lakhs?

If the total is equivalent to or exceeds Rs 2.5 lakh, then he/she would pay the same or less tax in the existing tax regime vis-à-vis the new regime….Synopsis.ParticularsTax payable in Existing RegimeTax payable in New RegimeStandard Deduction-50,000-Income under the head salary19,50,00020,00,0008 more rows•Feb 21, 2020

Is 25 lakhs a good salary in India?

Mostly salary is directly proportional to experience. … But after almost 5 to 6 years of experience and with skills a person in India can get 25 lakhs to 30 lakhs per annum. But those people are just about 20% of the population. One platform in India which now gives you better advice is none other than Quora.

How do I reduce my tax to zero?

Earning Rs 9.5 lakh per annum? Here’s how to pay zero taxHere is how:Exhaust 80C Limit.Claim Interest On Home Loan.Additional Tax Benefit For NPS Contributors.Standard Deduction For Every Salaried Person.Reduce Medical Expenditures And Tax In One Go With Health Insurance.Interest Income Can Play A Role Too.

How can I save tax if I earn 10 lakhs?

Which regime should a taxpayer with an annual income of Rs. 10 lakhs choose?Standard deduction of Rs. … Deductions up to Rs. … Deductions for health insurance premiums under Section 80D.Deductions on the interest earned from a post office or bank savings account under Section 80TTA.More items…•

How can I save tax if I earn 20 lakh?

Salary structure is very important to keep taxes low. … Section 80C/80CCC/80CCD (Rs 1,50,000): Investment in EPF, ELSS, PPF, FD, NPS, NSC, Pension Plans, Life Insurance, SCSS, SSA and NPS. … Section 80CCD(1B) (Rs 50,000): Investment in NPS (Should you Invest Rs 50,000 in NPS to Save Tax u/s 80CCD (1B)?)More items…•

Is 15 lakhs good salary in Bangalore?

Originally Answered: Is 15 lac package sufficient in Bangalore ? It is definitely more than enough. Anything above 8LPA will be sufficient in Bangalore as the cost of living is not very high.