WebFeb 15, 2024 · As individual claiming section 80C deduction can save tax of Rs 46,800 (including cess). To claim section 80C deduction, one must invest in any of the specified instruments such as Employees' Provident Fund (EPF), Public Provident Fund (PPF), tax-saving fixed deposit, ELSS mutual funds etc. WebFeb 5, 2024 · The new tax slabs are: Rs.0 to 3 lakh– Nil, 3 to 6 lakh-5%, 6 to 9 lakh-10%, 9 to 12 lakh-15%, 12 to 15 lakh-20% and Rs 15 lakh & above- 30% For the salaried and pensioners with income of above Rs.15.5 lacs the standard deduction benefit now will be Rs. 52,500 in the New Income Tax Regime.
Tax Saving Strategies for High-Income Earners - SmartAsset
WebFeb 24, 2024 · Here are 7 easy tax saving strategies that can lower your 2024 or 2024 tax bill: Make deductible contributions to a Traditional IRA. This is an option if you are … WebDec 15, 2024 · You have three tools for reducing your federal income tax bill: take advantage of adjustments to lower taxable income; maximize deductions to shrink taxable income; … get child in unity
7 Easy Tax Saving Strategies You May Be Missing Out On
WebMar 28, 2024 · Table 1 lists these measures and provides estimates of their fiscal impact. The annex also provides Notices of Ways and Means Motions to amend the Income Tax Act, the Excise Tax Act, the Excise Act, 2001, the Excise Act, the Air Travellers Security Charge Actand draft amendments to various regulations. WebNov 3, 2024 · Interest from a savings account is taxed at your earned income tax rate for the year. In other words, it's an addition to your earnings and is taxed as such. As of the 2024 tax year, those rates ... WebFeb 1, 2016 · Tax rate cuts may encourage individuals to work, save, and invest, but if the tax cuts are not financed by immediate spending cuts, they will likely also result in an increased federal budget... get child custody