How Can I Get Maximum Tax Benefit In India?

What is the 80c limit for 2020 21?

Source of income (FY 2019-20)Income (Rs)Less: Standard deduction ( 50,000)6,00,000Interest on fixed deposit50,000Gross total income6,50,000Less: Deduction under section 80C1,50,0005 more rows•6 days ago.

Is 80c removed in 2020?

[Budget 2020] Tax Rates Lowered But HRA, 80C, and INR 50,000 Standard Deduction Gone. In the Union Budget 2020, finance minister Nirmala Sitharaman proposed a new tax regime with lower tax rates for different income groups. … However, all without deductions.

How can I save tax on 2020 21?

Tips for Saving Tax in FY 2020-21Invest in Equity-Linked Saving Scheme (ELSS)Invest in the National Pension Scheme.Invest in Sukanya Samriddhi Yojna.Know When to Opt for the New Tax Regime.

What is the tax on 1 crore in India?

Rate of SurchargeAssessment Year 2021-22Assessment Year 2020-21Range of IncomeRange of IncomeRs. 50 Lakhs to Rs. 1 CroreRs. 1 Crore to Rs. 2 CroresRs. 5 crores to Rs. 10 Crores10%15%37%

How can I maximize my tax benefit?

This year, follow these easy ways that can help you maximize your tax return.Don’t Leave Money on the Table. … Claim All Available Deductions, Including Charitable Contributions. … Use the Best Filing Status. … Report All Your Income. … Meet the Deadlines. … Check Your Math. … Check Your Bank Account Details.

How can I save my maximum tax in India?

1. Section 80CEquity Linked Savings Scheme: Equity Linked Savings Schemes are a type of mutual funds with a lock-in period of three years. … Senior Citizen Savings Scheme: … National Pension System: … Term Life insurance premium: … Public Provident Fund: … National Savings Certificates: … Tax-saving FDs: … Home loan repayment:More items…

What is the maximum amount of tax that can be saved?

Tax ratesSection 80C – Max. allowed Rs 1.5 lakh – PPF, ELSS, NPS etc780031200Section 80D* : self and family cover13005200Total tax saved910036400Section 80CCD (1B) – Max. allowed Rs 50,000; Exclusive for investment in NPS2600104005 more rows•Jan 25, 2019

What salary is tax free in India?

As per the current income tax slabs, taxation of income of resident individuals below 60 years is as follows: Income up to Rs 2.5 lakh is exempt from tax, 5 per cent tax on income between Rs 250,001 to Rs 5 lakh; 20 per cent tax on income between Rs 500,001 and Rs 10 lakh; and 30 per cent tax on income above Rs 10 lakh …

Which deduction is still allowed for 2020?

Any deduction under chapter VIA (like Section 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, and so on….Share article.Taxable Income SlabsTax RatesRs 10 lakh to Rs 12.5 lakh20%Rs 12.5 lakh to Rs 15 lakh25%Rs 15 lakh and above30%4 more rows•Feb 7, 2020

Can I save tax more than 1.5 lakh?

The most popular avenue for tax-saving is section 80C of the Income Tax Act. Under Section 80C, an amount equal to the investment you make in specified instruments or expenses, up to a maximum of Rs 1.5 lakh in a financial year, reduces your gross total income (GTI) by the same amount.

How can I save tax on 15 lakhs?

There are a lot of ways by which you can save income tax on salary….New income tax slabs in budget 2020 (for FY 2020-21)Taxable Income Range (In Rs.)Tax Rate before Budget 2020 (Old regime)Tax Rate after Budget 2020 (new regime)7.5-10 lakh20%15%10-12.5 lakh30%20%12.5-15 lakh30%25%Above 15 lakh30%30%3 more rows•Jul 28, 2020

How do I get maximum tax exemption?

Tax savingsELIGIBLE FOR DEDUCTION UNDER SECTION 80C.SMALL SAVINGS SCHEMES:EMPLOYEE PROVIDENT FUND (EPF)/NATIONAL PENSION SYSTEM (NPS):LIFE INSURANCE/ANNUITY PREMIUM:TAX-SAVING MUTUAL FUNDS:BANK FIXED DEPOSITS:HOME LOAN REPAYMENT:TUITION FEE OF CHILDREN:More items…