I can provide you with some suggestions on how to save tax for salary above 14 lakhs that I learned from a CA friend. One can save tax as per Section 80CCD(2), Section 80 C, HRA, Education Loan, and others. There are plenty of aspects that you can show and save tax. Learn about them in detail next.
How to Save Tax for Salary 14 Lakhs Under New and Old Tax Regimes?
If you have a salary of Rs. 14 lakhs, here are some effective tax-saving strategies you can use as per new and old tax regimes.
Under the New Tax Regime:
As per the new tax regime, you can save tax on,
Standard Deduction: Claim the increased standard deduction of Rs. 75,000.
Section 80CCD(2): Employer contributions to NPS are deductible.
Transport Allowance: For specially-abled individuals.
Home Loan Interest: Deduction on interest paid for let-out property under Section 24.
Under the Old Tax Regime:
As per the old tax regime, you can save tax on,
Section 80C: Invest up to Rs. 1.5 lakhs in EPF, PPF, ELSS, NSC, or home loan principal repayment.
Section 80D: Health insurance premium up to Rs. 25,000 for self and family, and Rs. 50,000 for senior citizen parents.
HRA: Claim exemption on House Rent Allowance.
LTA: Exemption on Leave Travel Allowance for travel expenses.
Education Loan: Deduction on interest under Section 80E.
Donations: Deduction under Section 80G for eligible donations.
Home Loan: Deduction on interest up to Rs. 2 lakhs under Section 24.
So choose whether you want to go with the new tax regime or the old tax regime and save taxes accordingly.
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How to Save Tax for Salary 14 Lakhs?
Shalin
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39 days
2024-08-01T08:12:20+00:00 2024-08-01T08:12:21+00:00Comment
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