Income Tax News: In order to save tax in India on a salary over 18 lakhs, one must use available exemptions and engage in strategic financial planning. These are practical strategies to reduce your tax liability:
Old Tax Regime Advantage
Choose the previous tax system, which permits people making more than 18 lakhs in salary to take use of various deductions and exemptions on tax-saving
Leverage Section 80C, 80CCC, 80CCD
To lower taxable income by up to Rs 1.5 lakhs, invest in tax-saving products such as Annuity Plans, Pensions, and Unit Linked Insurance Plans (ULIPs).
Exploring Advanced Strategies
People making more than Rs. 20 lakhs might investigate sophisticated tax-saving techniques catered to their income bracket, such as certain investment choices and deductions.
Invest in Tax-Saving Mutual Funds (ELSS)
For possible large profits and tax savings, think about investing in Equity-Linked Savings Schemes (ELSS) online through websites like ClearTax.
Education Loan Benefits
Make use of Section 80E tax savings by choosing school loans. This lowers the taxable income of those whose wages exceed 18 lakhs.
Utilize Meal Voucher Deductions
Employer-provided meal vouchers may be deducted up to Rs 50 for each meal for a maximum of two meals per day, saving taxes.
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