Being a tax consultant, I can help you with how to save tax on 13 lakh salary. However, to understand more about it, you have to understand what the new tax regime says. Let me share what it means and how you can save tax through HRA, LTA, PPF, and more.
How to Save Tax on 13 Lakhs Salary?
To save tax on a Rs 13 lakh salary, you must know the new tax regime rates for FY 2023-2024. You will have to maximise your exemptions and deductions. Exemptions can include HRA, LTA, and standard deductions of up to Rs 50,000. You can choose
Section 80C to invest in instruments like PPF, EPF, and ELSS, allowing for deductions up to Rs 1.5 lakh.
Health insurance premiums under Section 80D can save up to Rs 50,000 if you are over 60 years old and Rs 25,000 for those below 60
Professional tax, education loan interest, and home loan repayments offer additional deductions. For example, home loan principal under 80C and interest under Section 24B can provide substantial tax relief.
You can consider investing in tax-saving fixed deposits or National Savings Certificates.
Donations to registered charities under Section 80G can also reduce taxable income.
These are some suggestions I can provide you to help you understand how to save tax for salary 13 lakhs.
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How to Save Tax on 13 Lakh Salary?
Linisha
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39 days
2024-08-01T08:13:09+00:00 2024-08-01T08:13:10+00:00Comment
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