Shreyaa Kapoor Instagram – Here is how you can pay 0 tax on your 12 lacs salary:
If your annual income is Rs 12 lakh, then there is no other way, for salaried employees, to save taxes than by claiming a standard deduction of Rs 50,000 under the new tax regime. 🙏🏼
But with the old tax regime you can bing down your tax liability down to 0!🌱
Here is how:
-Standard deduction (50,000)
-80C deduction (1,50,000)
-80CCD deduction (50,000)
-80D deduction (50,000) – 25k for self and 25k for parents
-24(b) home loan deduction (2,00,000)
-80E education loan deduction (50,000)
But people often forget the conditions for a major deduction – Rent!🫡
HRA benefit is the minimum of:
The actual HRA received ✅
Rent paid annually reduced by 10% of salary ✅
50% of your basic salary (if you live in a metro city) ✅
40% of your basic salary (if you live in a non-metro city)✅
Did you know you can even claim HRA even if your company does not offer it – under section 80GG!🎉
Save this so that comes in handy when you do file your taxes and share this with your friends making 12 lacs, more or less!🌱
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[HRA, tax, tax tips, personal finance, finance, tax season, rent, house rent, education loan, home loan, salary] | Posted on 24/Feb/2024 20:00:29
