How to Save Tax for a Salary of 15 Lakhs?

You can pay zero tax on a salary of 15 lakhs, provided you have invested in tax savings options and claim applicable deductions and exemptions. Under the old regime, your net tax payable can be zero if you claim exemptions and invest in tax-saving schemes. In case you are following the new tax regime for FY 20-21, FY 21-22 & FY 22-23 the net tax payable amount will be INR 1,87,500. For FY 23-24 onwards, the net tax payable will be INR 1,40,000 (from the above example). 

To pay zero tax for income up to 10 lakhs, you must follow the old tax regime. Furthermore, you must take advantage of all the tax exemptions and invest in tax savings schemes that qualify for deductions for paying zero tax. 

Yes, with good tax planning, it is possible to save 100% on tax. To save on tax, you need to invest in tax-saving options and also claim for all applicable exemptions. 

Income up to INR 2,50,000 is tax-free. However, the Finance minister has increased the limit in the budget 2023. Now,  under the new tax regime, income up to INR 3,00,000 is tax-free.