WebA tax deduction is a valuable benefit provided on the total gross income for the taxpayers. The provisions for tax deduction are available under various sections in the Income Tax … WebJan 27, 2024 · So, if one has a basic salary of Rs 30,000 a month (Rs 3.6 lakh annually), investing in NPS will fetch a maximum deduction of Rs 36,000. How much tax is saved: The maximum that can be saved under section 80C for those taxed at 5.20 percent, 20.8 percent and 31.2 percent is Rs. 7,800, Rs 31,200 and Rs 46,800 respectively.
How to Save Income Tax on Salary & Tax Saving Schemes
WebMar 16, 2024 · Following is a list of the 10 ideal tax saving instruments in India, which come under the purview of Section 80C: ELSS (Equity Liked Savings Scheme): An ELSS comes with a lock in period of three years and is considered to be one of the best instruments for saving taxes in India. Under Section 80C, the contribution towards an ELSS is eligible ... WebRead on to know more about its tax saving plans, interest rates & benefits. Products. ... They also offer tax benefits up to Rs.1.5 lakh under Section 80C of the Income Tax Act. The various schemes offered by the post office are discussed ... Tax rebate under section 80C for deposits (maximum Rs 1.5 lakh p.a.) Kisan Vikas Patra (KVP ... forgen wolf
Income tax Deductions FY 2024-23: Useful for Tax Planning
Web4.National Pension Scheme (NPS) NPS is one of the few tax saving options that allows exemption up to the amount of INR 1.5 lakhs against investment in Tier 1 option under … WebApr 13, 2024 · Deductions on Investments under Section 80C of the Income Tax Act. Here are the various investments you can make to save tax under Section 80C of the Income Tax Act: Investment options. Minimum lock-in period. Rate of interest. National Pension System ( NPS) Till the age of 60 years. 8% to 10%. Equity Linked Savings Scheme ( ELSS) WebApr 14, 2024 · Tax Deductions under Section 80C. Section 80C of the Income Tax Act provides provisions for tax deductions on a number of payments, with both individuals and Hindu Undivided Families eligible for … difference between apm and pmi