Income Tax Saving Tips: If you want to save income tax on a salary up to Rs 15 lakh, these are the best options...

If your salary is 15 lakhs 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 15 lakhs or more but in case of paying, they think about how much can they save from where. If you are also looking for options for tax saving, then let us tell you, according to the income tax rules, if tax deductions and tax exemptions are used correctly, then you can save a lot of tax.

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

How much tax savings will be required?

If your salary is Rs 15 lakh annually, then under the old tax regime, you will need a tax deduction of Rs 4.08 lakh, after which you will have to pay a tax of Rs 1.4 lakh. But you can reduce this also, let's know how...

This is how you can save more tax.

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

The standard deduction under section 16 Rs 50,000

Exemption from professional tax Rs 2,500

HRA Rs 3.60 lakh under section 10 (13A)

LTA Rs 10,000 under section 10 (5)

If you add all the above items, now your taxable salary will remain Rs 7 lakh 71 thousand 500 (7,71,500).
Rs 1.50 lakh under section 80C (LIC, PF, PPF, children's tuition fees, etc.)

Rs 50,000 on National Pension Scheme (NPS) under Tier-1 under section 80CCD

Rs 25,000 health insurance for self, wife, and children under 80D

Rs 50,000 exemption on health policy for parents (senior citizens)

Now the taxable salary will be less than Rs 5 lakh. If the taxable salary is less than Rs 5 lakh, then rebate and basic exemption will be available under section 87A. 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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