I receive an annual salary of Rs. 17 Lakhs, but I don’t know how to save tax on 17 lakhs salary. I called my uncle and asked him about the same, and he told me about a few things to save tax. I have added those below.
How to Save Tax for Salary 17 Lakhs?
Here are the tips that my uncle gave me.
He told me to invest in PPF, ELSS, or NSC and save up to Rs. 1.5 lakhs
Next, he told me to get health insurance for me and my family to claim up to Rs. 25,000.
He also told me that I can claim up to Rs. 2 lakhs on interest paid on my home loan under Section 24.
After that, he told me about the National Pension System. He said that I could invest in NPS for an additional Rs. 50,000 deduction.
My uncle said I can even avail of the standard deduction of Rs. 50,000.
According to him, making donations to eligible charities can be claimed under Section 80G.
He also told me that I can utilize exemptions like House Rent Allowance (HRA), Leave Travel Allowance (LTA), and children's education allowance.
And that’s all he told me about how to save tax for salary 17 lakhs. I hope this helps.
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How to Save Tax on 17 Lakhs Salary?
Vicky
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39 days
2024-07-31T16:12:15+00:00 2024-07-31T16:34:50+00:00Comment
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