At times I really feel annoyed to pay so many taxes. Land Tax, Income Tax, Professional tax and what not. I wasn't much aware of these taxes until I started earning and spending money since my father retired. At the end of the month when I barely had some money left. I asked my father
how much maximum tax can be saved and trust me my father said jokingly that don’t save, just earn more. But later he did explain things to me. If you really want to know how much maximum tax we can save, get to know it here.
Avail Home Loan from NoBroker and fulfil your dream of having a house by paying a low interest rate as well.
At first get an idea of the income tax slab rates to know how to save it.
| Taxable Income | Income Tax Rates |
Up to Rs 2.5 Lakh |
Nil |
Rs 2.5 Lakh - Rs 5 Lakh |
5% of total income above Rs 2.5 lakh |
Rs 5 Lakh - Rs 10 Lakh |
20% of total income above Rs 5 Lakh plus Rs 12,500 |
Above Rs 10 Lakh |
30% of the total income above Rs 10 Lakh plus Rs 1,12,500 |
Now there are additional taxes as wealth like on health, education and more and I hope your company has stated about it to you.
How much tax can be saved?There are some strategies by which you can save tax like:
Get a Home Loan and enjoy tax benefits as per Section 80C
Buy a Health Insurance Policy
Undertake Investments
Avail Government schemes and invest there like Senior Citizen Savings Scheme, Public Provident Fund, National Pension Scheme and more
Avail Life Insurance Plans
Claim Tax benefits on yearly rental expenses under Section 80GG
I hope this information is enough for you to know
how much maximum tax can be saved.
Read More:
How To Save Tax For Salary Above 30 Lakhs?
How To Save Tax On Salary?
How To Save Tax Apart From 80C?
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How Much Maximum Tax Can Be Saved?
Jaydeep
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1
3 Year
2022-06-21T09:10:00+00:00 2022-06-21T09:10:02+00:00Comment
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