How To Pay Less Tax

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How can I reduce my taxable income?

  • Deductions under Section 80C, Section 80CCC and Section 80CCD. Citizens of India can save tax under these 3 sections.
  • Medical Expenses.
  • Home Loan.
  • Education Loan.
  • Shares and Mutual Funds.
  • Long Term Capital Gains.
  • Sale of Equity Shares.
  • Donations.
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    How can I pay less tax on my salary?

  • Contribute towards a retirement fund.
  • Open up a Tax Free Savings Account.
  • Donate to a SARS registered charity.
  • Join a Medical Aid Scheme.
  • Keep a logbook if you receive a travel allowance.
  • Keep a logbook if you drive a company car.
  • Claim commission related expense if you are a commission earner.
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    What income is tax free?

    As per interim budget 2019, Individual taxpayers having taxable annual income up to Rs.5 lakh will get full tax rebate u/s 87A and therefore will not be required to pay any income tax. However Income tax Slabs and Rates will remain unchanged for the FY2019-20. via

    How can I legally not pay taxes?

  • Invest in Municipal Bonds.
  • Take Long-Term Capital Gains.
  • Start a Business.
  • Max Out Retirement Accounts and Employee Benefits.
  • Use an HSA.
  • Claim Tax Credits.
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    How does tax work if you have 2 jobs?

    So when you ask 'do I pay more tax on a second job? ', the answer is no. You combine the income from both jobs, and pay tax on the whole. The Personal Tax Allowance 2019/20 – the annual tax-free income limit for everyone – only counts for the job you earn the most from. via

    How do I maximize my tax return?

  • Determine Your Tax Bracket.
  • Create a Receipt System.
  • Make a Charitable Payment.
  • Review Your Deductions.
  • Home and Car Expenses.
  • Travel Expenses.
  • Get Paid to Read News and Magazines.
  • Put Your Money in a Super Fund.
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    What is the minimum taxable income?

    The minimum income amount depends on your filing status and age. In 2020, for example, the minimum for single filing status if under age 65 is $12,400. If your income is below that threshold, you generally do not need to file a federal tax return. via

    What is the maximum limit of tax free personal income?

    Income tax exemption limit to be hiked from Rs 2.5 lakh to Rs 5 lakh, standard deduction from Rs 50,000 up to Rs 1 lakh in Budget 2021 by FM Nirmala Sitharaman? via

    How much will I take home if I earn 70000?

    For the 2019 / 2020 tax year £70,000 after tax is £49,136 annually and it makes £4,095 net monthly salary. via

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