Section 80C is a popular tax-saving deduction where you can save up to a maximum of Rs 1.5 lakh per financial year, using certain investments and expenses. The tax saving calculator consists of a formula box, where you enter the total taxable income, and your current investments or expenses under Section 80C.

How can I save maximum tax on my salary in India?

Park your Money in Government Schemes Individuals can claim up to ₹1.5 Lakh spent on such investments as tax waivers on total annual income, under Section 80C of the Income Tax Act. Tax exemptions can be availed by investing in the following tools: Senior Citizen Savings Scheme (SCSS) Sukanya Samriddhi Yojana (SSY)

How can I save tax on 20 lakhs?

But the good news is you can still manage to pay Zero (NIL) income tax on salary of up to Rs 20 lakhs (Salary here means cost to company)….Tax Deductions

1. Section 80C Exemption – 1,50,000.
2. NPS 80CCD(1B) Tax Exemption – 50,000.
3. Medical Insurance (Self & Parents) – 60,000.
4. Interest on Education Loan – 50,000.

Are there any tax saving options in India?

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 can I save money on my taxes?

Contributing to charity can also help you save tax. If you donate to specified government notified funds under section 80G you can claim up to 100% of the donation as a deduction from your gross total income thereby reducing your taxable income and consequently the tax payable.

Do you have to pay income tax in India?

Whether you are a salaried individual, a freelancer, a business owner or earn an income from your investments, you have to pay the taxes to the government as per the Income Tax Act. When we talk about saving income tax in India, the predominant sections under which you can save tax are 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80CCG, 80G.

How can you save taxes on the sale of property in India?

Being uninformed about the taxes on the sale of property in India, shaved off 30% of the profit Mahesh made. Though it is difficult to keep a close eye on the calendar while selling a property, it is still important to consider the effects of taxes on the sale of property in India to maximize your profit.