Hi there. I am here to help you find out how to save tax on 9 lakhs salary. The first thing you should do is to choose the right regime. I shall tell you more about the possible ways to get tax deductions below.
How to Save Tax on Salary Income of 9 Lakhs?
Here is how to save tax:
Begin by choosing the appropriate tax regime for yourself. The old regime is helpful if you want to take advantage of deductions beyond the standard Rs. 50,000 deduction. The new regime has limited deductions and an easier filing process.
The standard deduction for salaried individuals is Rs. 50,000 under the old regime and Rs. 75,000 under the new regime Section 16(ia). You can claim this deduction while filing the ITR.
You can claim a rebate under Section 87A if you have a total taxable income of Rs. 5 lakhs or lower.
Claim deductions under Section 80C of the IT Act. Invest in multiple sources and get tax benefits up to Rs. 1.5 lakhs every year. The options are:
Home loan repayment and Stamp duty
EPF
National Savings Certificate
Fixed Deposit for 5 years and more
PPF
Child Education Plans
Premium for term or life insurance
Tax-saving fixed deposits
Annuity Plans
ULIP (Unit linked Insurance Plans)
Sukanya Smriddhi Yojana
Equity Linked Saving Scheme funds
You can claim deductions on paying premiums for health insurance.
Rs. 25,000 for self and family
Rs. 25,000 for parents if they are not senior citizens and Rs. 50,000 if they are senior citizens.
This is all about how to save tax for salary 9 lakhs. I hope this helps.
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Authors Of The Question
How to Save Tax on 9 Lakhs Salary?
piyush
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1 Answers
4 months
2024-08-01T14:24:21+00:00 2024-08-01T14:24:22+00:00Comment
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