How can I save my income tax without investment?

How can I reduce my income tax without investment?

5 smart ways to save tax without making any investment

  1. Take A Home Loan. Taking a housing loan is one of the best ways to save tax. …
  2. Deductions For Medical Expenses. …
  3. 3 Deductions for children’s tuition fees. …
  4. 4 Hike your EPF contributions with VPF. …
  5. By paying rent.

How can I reduce my taxable income?

Save Income Tax on Salary

  1. Deductions under Section 80C, Section 80CCC and Section 80CCD. Citizens of India can save tax under these 3 sections. …
  2. Medical Expenses. …
  3. Home Loan. …
  4. Education Loan. …
  5. Shares and Mutual Funds. …
  6. Long Term Capital Gains. …
  7. Sale of Equity Shares. …
  8. Donations.

How do rich save taxes in India?

A few of the options are as follows:

  1. Public Provident Fund.
  2. National Pension Scheme (NPS)
  3. Life Insurance Premium.
  4. National Savings Certificate.
  5. ELSS Mutual Funds (Equity Linked Savings Scheme)
  6. Principal Amount Repaid on Home Loan.
  7. 5 year fixed deposits with banks and post office.
  8. Sukanya Samariddhi Account.

How can I save tax on 12 lakhs?

Tax Deductions under Section 80(C)

  1. Investments in PPF (Public Provident Fund)
  2. Investments in EPF (Employee Provident Fund)
  3. Investments in ELSS funds (Equity-Linked Savings Scheme)
  4. Investments in NSC (National Savings Certificates)
  5. Payment of premiums against Life Insurance Policies.
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How can I save tax if I earn 20 lakh?

Tax Exempted Salary Components

  1. Meal Coupons.
  2. Car Maintenance.
  3. EPF (Contribution by Employer)
  4. NPS (Contribution by Employer)
  5. Gift voucher.
  6. Mobile Phone and the Internet Bill Reimbursement.
  7. Newspaper/Journal Allowance.
  8. Children Education/Hostel Allowance.

What income is tax free?

As per interim budget 2019, Individual taxpayers having taxable annual income up to Rs. 5 lakh will get full tax rebate u/s 87A and therefore will not be required to pay any income tax. However Income tax Slabs and Rates will remain unchanged for the FY2019-20.

How can I invest to save tax?

The easy tax saving investments that should be known by all the taxpayers of India are:

  1. 5 years Bank Fixed Deposit.
  2. Public Provident Fund (PPF)
  3. National Savings Certificate (NSC)
  4. Equity Linked Saving Schemes (ELSS)
  5. Unit Linked Investment Plan (ULIP)
  6. National Pension Scheme.
  7. Life Insurance.

How do I save GST?

Thus, if you are looking to save the GST liability then give preference to Inter-State goods/products in the place of Intra State products.

Variation in Investments.

Input Tax Credit Set off against Liability
CGST (Central GST) CGST and IGST (in that order)
SGST (State GST) SGST and IGST (in that order)

Who has to file ITR?

It is mandatory to file the income tax returns online for all the registered taxpayers whose taxable income. However, paper returns can be filed by those who are above 80 years of age and do not have any income from regular business or profession.

What is maximum tax saving?

What is the Maximum Tax Saving That You Can Avail?

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Deductions Max Amount (Rs.)
Standard deduction 50,000
Section 80C 150,000
Section 80CCD(1B) NPS 50,000
Section 80D 25,000

Which business is tax free in India?

Income from farming and agriculture is tax free. Agriculture income is exempted under section 10(1) of Income Tax Act. Even income from activities such as poultry and cattle rearing is considered as agricultural income.

How can I save tax on 15 lakhs?

If you invest up to 1.5 lakh: If you have invested in Public Provident Fund, Employees Provident Fund, Sukanya Samriddhi Scheme, life insurance or health insurance premium, tax-saving fixed deposits from banks or post offices or any other provisions that allow tax exemption to the tune of Rs 1.5 lakh, you would still …