I have 7 lac income pa how much maximum tax can I save?

Answer 1

It depends how much has been shown as salary which cannot be taxed. I take it as 30%, i.e. 2.1 lacs. Taxable income:4.9 lacs.
If you had saved 1 lac for which you are entitled relief from IT, this can be deducted from 4.9, or tax is to be calculated for 3.9 lacs.
First one lac relief.
1 to 1.5 lac @ 10%- 5,000
1.5 to 2.5-20% -20,000
Balance 40,000@30%-12000
Total tax: Rs.37,000 assuming Rs.2.1 lac among Rs.7 lac as not taxable and you are fully availilng the facility of savings in specified ones to the tune of 1 lac for tax relief.
Availing House Building Advance will help to reduce the tax.
VR

Answer 2

You can save up to Rs. 1 lac by investing / depositing in various schemes enumerated for the purpose of section 80-C and 80-CCC of the Income-tax Act, 1961. You can also claim deduction up to Rs. 10,000/- for mediclaim insurance premium paid for your family (the limit raises to Rs. 15,000/- if at least one family member insured is a senior citizen dependent). At your income level you shall save 30.06% of the sum invested subject to limits detailed above.

Answer 3

You can save Rs 1 lakh on specified items u/s 80 C like insurance premium, PF, PPF, NSC, FD with bank etc, principal repayment of housing loan etc.

Additionally you can get deduction upto 1.50 lacs towards interest paid on housing loan. Hence on total saving of Rs 2.50 lakh you can save income tax of Rs 75000 as you are in 30% bracket.

Answer 4

You have enough income. Why you want to save TAX !!!







Just joking dear. If there was your complete address and mobile number in the question you would have received many hot calls.

Answer 5

u can avail exempltion of tax via investment of Rs 100,000 and Rs 100,000 will be standard deduction, so atleast u'll have to pay tax on Rs 500,000