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| *Ostroff, Fair and Company>>>India Taxes |
IS there a max limit to how much income i can save from tax??? |
IS there a max limit to how much income i can save from tax??? Yes, RS 1 Lakh . But you can plan your investment to maximise the saving. For example, if you take home loan, then maximum saving which you can achieve is 1,50,000 on interest and Rs 1,00,000 u/s 80C Thus your income will be reduced by RS 2,50,000. Main thing is that you will have to plan your investment for maximising your tax savings. There are fixed slab for taxing the income (Individual) Slab of income Rate of taxation Rs.0 to Rs. 1, 00,000 Nil Rs.1,00,001 to Rs.1,50,000 10% Rs.1,50,001 to Rs.2,50,000 20% Rs.2,50,001 and above 30% Tax slab For women Rs.0 to Rs. 1, 35,000 Nil Rs.1,35,00 to Rs.1,50,000 10% Rs.1,50,001 to Rs.2,50,000 20% Rs.2,50,001 and above 30% For senior citizen(person who is more than 65 year age) Rs.0 to Rs. 1, 85,000 Nil Rs.1,85,000to Rs.2,50,000 10% Rs.2,50,001 and above 30% In the context of saving a person can invest upto Rs.100000/- under section 80C. Investment can be made in Re-payment of house loan, Invest in PPF ,NSC, children education, pension fund etc. so person can save the tax up to RS. 100000/- by investing u/s 80C yes you con save only upto 1 lakh |
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