Want to save income tax on salary up to Rs 15 lakh, this is the best option
Rahul Tiwari January 08, 2025 02:21 PM

If your salary is Rs 15 lakh and you do not want to pay income tax, then this news can prove to be useful for you. There are many people whose salary is Rs 15 lakh or more but when it comes to giving, they think about how much to save and where. If you are also looking for options for tax saving, then let us tell you that according to income tax rules, if tax deductions and tax exemptions are used properly then you can save huge tax.

In such a situation, let us know that if your salary is between Rs 12 to 15 lakh, then how much tax exemption up to Rs. can you get under the old tax regime.

How much tax savings will be required

If your salary is Rs 15 lakh per annum, then under the old tax regime, you will need to deduct tax of Rs 4.08 lakh, after which you will have to pay tax of Rs 1.4 lakh. But you can reduce this also, let us know how…

This way you can save more tax

There are some options under the old tax slab, by taking advantage of which you can save more tax.

  • Standard deduction under section 16 Rs 50,000
  • Professional tax exemption Rs 2,500
  • HRA under section 10 (13A) Rs 3.60 lakh
  • LTA under section 10(5) Rs 10,000
  • If you add all the above items, now your taxable salary will remain Rs 7 lakh 71 thousand 500 (7,71,500).
  • Under Section 80C (LIC, PF, PPF, children's tuition fees etc.) Rs 1.50 lakh
  • Rs 50,000 on National Pension Scheme (NPS) under Tier-1 under Section 80CCD
  • Health insurance for self, wife and children under 80D Rs 25,000
  • Rs 50,000 discount on health policy for parents (senior citizens)
  • Now the taxable salary will be less than Rs 5 lakh. If taxable salary is less than Rs 5 lakh then rebate under section 87A and
  • Basic exemption will be given. In this way your tax will become zero. It is worth noting that this formula will work on the old tax regime.
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