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Home / Finance / Taxes / How to Save Tax for Salary 10 Lakhs?
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How to Save Tax for Salary 10 Lakhs?

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0 2024-05-27T06:46:19+00:00
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Here are some popular tax-saving avenues for how to save tax for salary 10 lakhs annually:

  • Contribution to the Employee Provident Fund (EPF) through your employer qualifies for deduction under Section 80C of the Income Tax Act. The contribution limit is up to 12% of your salary.

  • Investment in PPF accounts is eligible for deduction under Section 80C. You can contribute up to ₹1.5 lakhs annually in your PPF account.

  • ELSS mutual funds offer the dual benefit of potential returns from equity investments and tax savings under Section 80C. Investments in ELSS up to ₹1.5 lakhs are eligible for deduction.

  • Investment in NPS qualifies for deduction under Section 80CCD(1) up to ₹1.5 lakhs, and an additional deduction of up to ₹50,000 is available under Section 80CCD(1B). Hence, you can claim a total deduction of up to ₹2 lakhs by investing in NPS.

  • Premium paid towards life insurance policies for self, spouse, or children is eligible for deduction under Section 80C.

  • Premium paid towards health insurance policies for self, family, and parents is eligible for deduction under Section 80D.

  • Repayment of the principal amount of a home loan is eligible for deduction under Section 80C. Additionally, interest paid on a home loan is eligible for deduction under Section 24(b) up to ₹2 lakhs for a self-occupied property.

  • Interest paid on education loans for higher studies qualifies for deduction under Section 80E.

  • Donations made to eligible charitable institutions qualify for deduction under Section 80G.

Five-year tax-saving fixed deposits in banks are eligible for deduction under Section 80C. This is how to save tax on salary income of 10 lakh annually.

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Mahi Tiwari

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