How can I save tax on my salary under 10 lakhs?

How to Save Tax for a Salary Above Rs 10 Lakhs?

1. Reduce Your Taxable Income by Up To Rs 1.5 Lakhs (Section 80C, 80CCC, 80CCD)
2. Additional Reduction of Up To Rs 50,000 for NPS Investors (Section 80CCD.
3. Reduce Your Taxable Income by Up To Rs 75,000 (Section 80D)
4. Reduce Your Taxable Income by Up To Rs 2 lakhs (Section 24)

How can we save tax for salary above 25 lakhs Quora?

Let’s look at the ways to reduce income tax that can help you save a chunk of your salary to tick off the next thing from your checklist.

1. Tuition Fees.
2. Deduction on Rent Paid (apart from HRA)
3. Repayment of Home Loan.
4. Repayment of Education Loan.
5. Pension Funds.
6. Health Check-up & Medical Insurance.

How can I correct my CTC amount for variable pay?

You can correct his by adjusting your CTC to match the actual amounts in variable pay. For example, if your CTC is ₹ 15 Lakhs which includes a variable pay of ₹ 2 lakhs, however you only received ₹ 1 lakh as part of your variable pay for this financial year.

What will be the in-hand salary for CTC in FY 2020-21?

For FY-2020–21 if your CTC is Rs.10 LPA (Fixed) then your approximately in hand salary and tax to be paid will be as per below investments as under: As per old tax regime you have pay Rs.0/- and in hand salary approx Rs.77,840/-.

Can a low CTC lead to a higher take home salary?

In the image below you can see how a job with low CTC can lead to a higher take home salary – all because the package with the higher CTC was inflated by injecting various components. I hope from now on, you will focus more on the final take home and not be fooled by CTC numbers.

Is your CTC number inordinately inflated?

However, in the case of larger companies, the CTC number is inordinately inflated and your eventual take home salary might give you the feeling – “Seems like there is some mistake in the calculation”. Joining other company for higher Salary?