Saving in income tax
This query is : Resolved
11 February 2016
Sir
My salary is 8.20 lacs and I want to save my income tax for that how much I can invest to reduce my tax liability to zero?
My salary is 8.20 lacs and I want to save my income tax for that how much I can invest to reduce my tax liability to zero?
11 February 2016
Basic exemption limit is 2,50,000
Investments specified under 80C eligible for 1,50,000
Deduction under section 80D eligible for 25,000
Deduction under section 80CCG Maximum 25000
Investors whose gross total income is less than Rs. 12 lakhs can invest in this scheme. Upon fulfillment of conditions laid down in the section, the deduction is lower of - 50% of amount invested in equity shares or Rs 25,000.
Rebate under section 87A Rs.2000 rebate on total tax payable (if your total taxable income is below 5 lakhs only)
Exemption for HRA( if you are eligible)
Investments specified under 80C eligible for 1,50,000
Deduction under section 80D eligible for 25,000
Deduction under section 80CCG Maximum 25000
Investors whose gross total income is less than Rs. 12 lakhs can invest in this scheme. Upon fulfillment of conditions laid down in the section, the deduction is lower of - 50% of amount invested in equity shares or Rs 25,000.
Rebate under section 87A Rs.2000 rebate on total tax payable (if your total taxable income is below 5 lakhs only)
Exemption for HRA( if you are eligible)
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Confusion around Form 26QB fields
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Disallowance of Section 43B(h) to sez units
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
