How Can Salaried Individuals Earning ₹20–25 Lakh Save Tax in India?

Written by : Knowledge Centre Team

2025-11-25

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If your annual CTC falls in the ₹20–₹25 lakh range, tax planning is less about “one best scheme” and more about choosing the correct regime and using the deductions and salary components that actually apply to you. This guide breaks down the FY 2025–26 (AY 2026–27) tax framework for salaried individuals, explains when the old vs new regime may work better, and walks through practical, legal ways to reduce taxable income so that you can maximise take-home pay without last-minute stress.

Key Takeaways

For ₹20–₹25 lakh salaries, the old vs new regime choice mainly depends on how much you can actually claim through deductions and exemptions
The old regime may save more if you claim significant deductions, while the new regime can win with few deductions
Section 80C is a significant element of tax savings, covering investments like PPF, ELSS, and home loan repayments
Salary restructuring via HRA/LTA can help (mainly in the old regime); meal vouchers/perks help only if eligible
Employer NPS (80CCD(2)) can reduce taxable income in both regimes (subject to limits/conditions); EPF has limits too

Assessing Your Tax Slab

Before getting into the specifics of tax saving on your ₹20 lakhs income, you must evaluate whether you will be better off filing taxes under the new tax regime or the existing tax regime.

The new tax regime was announced in Budget 2020; new tax slabs were introduced, and tax rates were much lower, in exchange for fewer deductions/exemptions, than in the old tax regime. Further, from AY 2024-25 onwards, the new tax regime is the default, though eligible taxpayers can opt for the old regime.

For a salary ranging between ₹20 lakhs and ₹25 lakhs, the applicable tax rate under the new tax regime would be a combination of slab rates (including 20% and 25%), with the 30% rate applying only to income above ₹24 lakhs.

Incidentally, under the old tax regime, the highest tax slab that your salary would fall is 30%. The key difference between the two regimes for you would be the choice of deductions you avail yourself of.

As the new tax regime requires taxpayers to forgo certain popular deductions, your tax-saving options under ₹20 lakh will be restricted. Therefore, it might be ideal for you to file your taxes under the existing tax regime and take advantage of various benefits.

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How to Save Tax on Salary Above 20 Lakhs in India?

That time of year is upon us again, when we pull out our financial records and look for ways to both invest and save our hard-earned money. In particular, as the tax season looms, it is crucial to figure out how you can lower your tax burden.

Keep in mind that even if your salary is on the higher end, ranging from ₹20 lakhs to ₹25 lakhs, you can still significantly reduce your tax liability through various measures. Let us take a closer look at the many provisions by the government and the Income Tax Department to help you understand which tax regime is better for ₹25 lakh salaried individuals.

Understand Tax Regimes: Old vs. New

The Indian government introduced an update to the new tax regime applicable from AY 2026-27 (FY 2025-26) and has also introduced amendments year after year. When you look forward to exploring the best tax- saving schemes, both regimes have their own benefits. Say you want to determine which tax regime is better for amounts above ₹20 lakhs.

To assess which is beneficial for you, you must understand the difference between them. Here’s a quick overview of the same:

Aspect	Old Tax Regime	New Tax Regime
Income Tax Slabs FY 2025-26	Up to ₹2,05,000: Nil ₹3,00,001 to ₹5,00,000: 5% ₹5,00,001 to ₹10,00,000: 20% Above ₹10,00,000: 30%	Up to ₹4,00,000: Nil ₹4,00,001 to ₹8,00,000: 5% ₹8,00,001 to ₹12,00,000: 10% ₹12,00,001 to ₹16,00,000: 15% ₹16,00,001 to ₹20,00,000: 20% ₹20,00,001 to ₹24,00,000: 25% Above ₹24,00,000: 30%
Basic Exemption Limit	₹3,00,000 for senior citizens (between 60 and 80 years of age) ₹5,00,000 for those above 80 years	₹4,00,000 for all individuals, irrespective of age.
Standard Deduction	₹50,000 for salaried individuals and pensioners	₹75,000 for salaried individuals and pensioners
Deductions and Exemptions	Allows various deductions such as Section 80C (Investments), 80D (Medical Insurance), 80TTB (Interest Income for Senior Citizens), and exemptions like House Rent Allowance (HRA)	Most deductions and exemptions are not available, including 80C, 80D, 80TTB, and HRA. However, deductions like employer contributions to NPS under Section 80CCD(2) are permitted
Rebate under Section 87A	Available for individuals with total income up to ₹5,00,000, making their tax liability zero	Available for individuals with total income up to ₹12,00,000 , subject to the rebate limit prescribed (rebate up to ₹60,000 as per the tax rates table)
Surcharge Rates	10% for income above ₹50 lakh up to ₹1 crore 15% for income above ₹1 crore up to ₹2 crore 25% for income above ₹2 crore up to ₹5 crore 37% for income above ₹5 crore	10% for income above ₹50 lakh up to ₹1 crore 15% for income above ₹1 crore up to ₹2 crore 25% for income above ₹2 crore up to ₹5 crore 37% for income above ₹5 crore

Best Tax-Saving Deductions for Salaried (Old Regime): Now that you’ve compared the old and new tax regimes for ₹25LPA salary, the next step is to focus on the most effective deductions, exemptions, and salary structures. Learn how little tweaks can help reduce taxable income, especially if you’re opting for the old regime.
Maximise Section 80C Deductions (₹1.5L): Section 80C allows deductions up to ₹1.5 lakh on various investments and expenses. Popular options include Public Provident Funds (PPF), Unit-linked Insurance Plans (ULIPs), tax-saving Fixed Deposits, and life insurance premiums. To maximise benefits, choose options that align with your financial goals, be it wealth creation, retirement planning, or liquidity needs.
Invest in NPS for Additional ₹50,000 Deduction (Section 80CCD): Beyond 80C, an additional ₹50,000 deduction is available under Section 80CCD(1B) for contributions to the National Pension System (NPS). NPS is an excellent tool for retirement planning, offering market-linked returns with low-cost fund management. Moreover, employer contributions to NPS under Section 80CCD(2) (up to 10% of salary (or 14% in case of Central Government employer)) can further enhance tax savings.
Use Home Loan Interest and Principal Deductions (Section 24b & 80C): If you have a home loan, you can claim tax benefits on both principal repayment and interest payment (up to ₹1.5 and ₹2 lakh respectively, under Section 24b). First-time homebuyers can claim additional deductions under Section 80EEA, subject to conditions. If you own multiple properties, optimising tax claims on home loans can significantly reduce taxable income.
Opt for HRA Benefits if Staying in Rented Accommodation: House Rent Allowance (HRA) is a powerful tax-saving tool for salaried employees living in rented housing. The HRA exemption depends on your salary structure, rent paid, and city of residence. If you don’t receive HRA but pay rent, deductions can still be claimed under Section 80GG, though with limitations.
Claim Medical Insurance (Section 80D): Medical insurance premiums qualify for tax deductions under Section 80D. You can claim up to ₹25,000 for yourself, your spouse, and children, and an additional ₹50,000 if covering senior citizen parents. Investing in comprehensive health insurance not only reduces tax liabilities but also safeguards against rising healthcare costs. Opt for plans with adequate coverage, including critical illness riders, for better financial security.
Leverage Tax-free Allowances (LTA, Food Coupons, etc.): Certain employer-provided allowances are tax-free up to specified limits. Leave Travel Allowance (LTA) covers travel expenses within India for self and family members, and can be claimed twice in a four-year block. Meal vouchers, phone reimbursements, and company-leased vehicles also help lower taxable income. Structuring your salary to include more of these components ensures optimal tax efficiency.
Consider Salary Restructuring to Include Tax-Optimised Components: If your employer allows flexible salary structuring, incorporating tax-efficient components can significantly reduce taxable income. Options include NPS employer contributions, professional development reimbursements, gadget allowances, and fuel reimbursements. Negotiating a salary package with higher tax-exempt perks ensures you maximise take-home earnings while complying with tax laws.

Did You Know?

The new tax regime allows a flat taxation structure, but you lose out on most deductions.

Source: CBDT

Budget 2025 Update: New Regime Slabs (FY 2025–26)

Before deep-diving into the tax calculation, we have to understand what the 2025 budget update says:

Income up to ₹12 lakh can result in zero tax liability. Here's how

Income Tax Slabs for FY 2025-26	Tax Rate
Up to ₹400000	NIL
₹ 400001- ₹800000	5%
₹ 800001- ₹1200000	10%
₹1200001- ₹1600000	15%
₹1600001- ₹2000000	20%
Above ₹2400000	30%

Under the new tax regime, the rebate under Section 87A has been increased from ₹25,000 to ₹60,000. With this higher rebate and relaxed tax slabs, individuals earning up to ₹12 lakh will have zero tax liability. However, marginal relief on the rebate still applies. Also, the rebate does not apply to income taxed at special rates.

₹20LPA Tax Calculation (Old vs New Regime):

Tax calculation under the old and new regime for a tax on a 20 lakh salary is as follows:

Suppose Mr D has a salary income of ₹20 lakh, claiming exemptions in the following deductions:

HRA: ₹50000
LTA: ₹ 20000
Children's Education allowance for two children: ₹9600
Standard Deduction: ₹50,000 (₹75,000 in the new regime)
Professional Tax: ₹2,400 (also allowable as a deduction from salary)
Section 80C: ₹50,000
Section 80CCD(1B) (NPS): ₹25,000
Section 80D (Medical Insurance): ₹10,000

Particulars	Old Tax Regime (₹)	New Tax Regime (₹)
Gross Salary	2000000	2000000
Less: Exemption u/s 10
HRA Exemption		50000
LTA Exemption		20000
Children Education Allowance		9600
Less: Deduction u/s 16
Standard deduction	50000	75000
Professional Tax	2400	2400
Income under the head of salary	1868000	1901000
Less: Deductions under Chapter VI-A
Section 80C	50000	-
Section 80CCD(1B)	25000	-
Section 80D	10000	-
Net Taxable Income	1783000	1901000
Tax Liability (Including 4% Cess)	₹3,35,896	1901000 (Recalculate as per AY 2026-27 slab rates + 4% cess)

The choice between the old and new regimes depends on the individual's specific circumstances, such as the availability of deductions and exemptions, investment patterns, and overall tax planning strategy.

What are the Deductions Available to Save Taxes?

As a taxpayer in India, you can avail yourself of a wide array of tax-saving instruments and schemes to reduce your tax burden. This is because the Income Tax Department, and especially the Income Tax Act, 1961 provides taxpayers with a range of deductions. Here is a list of deductions available to save taxes:

Deduction	Limit
Section 80C (EPF, PPF, ELSS, home loan repayment, etc.)	₹1,50,000
Section 80D (Health insurance premium)	₹25,000 (₹50,000 if aged 60+)
Section 80E (Interest on education loan)	No limit, deductible for a maximum of 8 years
Section 80G (Donations to charity)	50% or 100% of theeligible amount
Section 80DD (Disabled dependent medical expenses)	₹75,000 (40% disability), ₹1,25,000 (80 %+ disability)
Section 24b (Interest on home loan)	Up to ₹2,00,000
Section 80TTA (Interest on savings account)	Up to ₹10,000
Section 80U (Disabled individual)	₹75,000 (disability), ₹1,25,000 (80 %+ disability)
Section 80CCD(1B) (Additional NPS contribution)	Up to ₹50,000
Section 80DDB (Medical treatment expenses)	₹40,000 (₹1,00,000 for senior citizens)

Section 80C Investments: PPF, ELSS, FDs, etc.

Section 80C allows deductions of up to ₹1.5 lakh on specific investments and expenses. Popular tax-saving options include:

Public Provident Fund (PPF): A long-term investment with tax benefits, ideal for retirement planning.
Equity-Linked Savings Scheme (ELSS): A market-linked mutual fund investment with a lock-in period of three years, offering growth potential.
Tax-Saving Fixed Deposits (FDs): Five-year fixed deposits with tax benefits, though the interest earned is taxable.
Employee Provident Fund (EPF): Contributions made towards EPF are eligible for deductions, helping build a retirement corpus.
National Savings Certificate (NSC): A secure investment option with fixed interest rates and tax benefits.

If you earn ₹25 lakhs annually, your choice between the old and new tax regimes will depend on whether these deductions significantly lower your taxable income. Understanding which tax regime is better for ₹25 lakhs involves evaluating these tax-saving options.

Additional Deductions: Section 80D (Health Insurance), Section 80E (Education Loan), Section 80G (Donations):

Apart from 80C, several other deductions can further lower tax liabilities:

Section 80D- Health Insurance Premiums: You can claim up to ₹25,000 for premiums paid for self, spouse, and children, and an additional ₹50,000 for senior citizen parents
Section 80E- Education Loan Interest: 100% deduction on interest paid on an education loan, with no upper limit, available for up to 8 years
Section 80G- Donations to Charitable Institutions: Contributions to eligible charities and relief funds qualify for a 50% or 100% deduction, depending on the institution

If you're evaluating which tax regime is better for ₹25 lakhs, the old regime allows these deductions, while the new regime offers lower tax rates but disallows exemptions and deductions.

HRA and LTA Benefits:

If you claim substantial HRA and LTA benefits, the old regime may be more advantageous. For salaried employees, House Rent Allowance (HRA) and Leave Travel Allowance (LTA) provide additional tax benefits:

HRA: If you live in rented accommodation, you can claim an exemption based on actual rent paid, salary structure, and city of residence.
LTA: Covers expenses related to domestic travel for you and your family, provided travel costs are incurred as per guidelines.

Tax-Saving Strategies Beyond Investments

While investments play a crucial role in reducing tax liability, there are several other strategies that can help you optimise your tax outgo. If you’re trying to determine which tax regime is better for ₹25 lakhs or ₹20 lakhs, consider these approaches to maximise savings while ensuring financial efficiency.

Restructure Your Salary

A well-structured salary package can significantly reduce taxable income. Components such as House Rent Allowance (HRA), Leave Travel Allowance (LTA), and meal coupons can lower the tax burden. If your income falls in the ₹20-25 lakh range, negotiating for a tax-optimised salary structure can make a difference. The old tax regime allows for multiple exemptions, while the new regime offers lower tax rates but does not allow exemptions like HRA.

Tax-Free Benefits and Perks

Certain employer-provided reimbursements and allowances are tax-free up to specified limits. These include:

Meal and fuel reimbursements
Telephone and internet expenses
Relocation and travel reimbursements
Gift vouchers up to ₹5,000 per year

Choosing a compensation package that includes these perks can help lower taxable income. If you’re deciding which tax regime is better for ₹25 lakhs or which tax regime is better for ₹20 lakhs, assess whether you receive these exemptions, as they are only available under the old regime.

Employer Contributions to NPS or EPF

Contributions made by your employer to retirement funds like the National Pension System (NPS) or the Employee Provident Fund (EPF) are eligible for additional tax benefits. Under Section 80CCD(2), employer contributions to NPS (up to 14% of salary under the new tax regime, and 10% in other cases as specified) are tax-free. Similarly,employer EPF contributions are tax-exempt up to specified limits.

If you’re evaluating which tax regime is better for ₹25 lakhs or ₹20 lakhs, the old tax regime allows these deductions, whereas the new tax regime allows only a little. High-income earners benefit more from these employer contributions under the old regime, as they help lower taxable income substantially.

Tax Planning Strategies for Salaried Individuals

The smart way to plan your taxes is to keep it simple. Always plan for the year rather than resorting to last-minute strategies. To minimise your tax liabilities, you can take various deductions and exemptions during the financial year.

Follow these strategies to ensure effective tax planning:

Take Advantage of the Salary Components:

Some components of your salary structure include provisions for exemptions and deductions under the Income Tax Act. You are entitled to claim perks and perquisites up to a certain amount as a deduction or exemption.

Basic Salary: The fixed component of your salary is paid monthly in accordance with your employment contract
Bonus: One-time payments for performance, festival bonuses, or profit-sharing
House Rent Allowance (HRA): Exemption for rent paid, as per Section 10(13A)
Education Allowance: Up to ₹100/month per child (max 2 children) and ₹300/month for hostel stay under Section 10(14)
Leave Travel Allowance (LTA): Tax exemption for travel expenses on two trips in a block of four years

Utilise Section 80c Deductions:

As per Section 80C of the Income Tax Act, you are entitled to claim deductions up to ₹150000. Some of the investment options are as follows:

Employee Provident Fund (EPF): Save for retirement with tax-free savings and employer contributions
Public Provident Fund (PPF): Earn guaranteed, tax-free returns while enjoying EEE tax benefits
National Savings Certificate (NSC): Invest in a government-backed scheme and save on taxes
Equity-linked savings Schemes (ELSS): Grow your wealth with market-linked returns while reducing your tax liability
Life Insurance Premium: Protect your family financially while claiming tax deductions for 25 lakhs in India
Home Loan Principal Repayment: Reduce your taxable income while repaying your home loan principal

Take the Benefits of 80D Deductions (Medical Insurance):

Under section 80D, you are entitled to claim deductions on health insurance premiums:

Self, Spouse, and Children: Up to ₹25,000
Parents (Below 60 years): Additional ₹25,000
Parents (Above 60 years): Additional ₹50,000

For a preventive health checkup, you can claim up to ₹ 5,000 within the overall limit.

File Income Tax Returns (ITR) before the Due Date

File your Income Tax Returns (ITR) on time to avoid penalties, interest, and delays. Late filing may attract a late fee (subject to applicable provisions) and 1% monthly interest on unpaid tax. You may also lose tax benefits and face refund delays.

Conclusion

At the end of the day, as a taxpayer with a range of salary between ₹20 lakhs and ₹25 lakhs, you have a wide assortment of tax-saving options to choose from. All that remains is to determine your financial goals and identify the schemes and deductions that align with your overall priorities.

However, one tax-saving option should ideally be included in every family and individual term insurance Policy. If you are looking for a reliable term plan, consider our iSelect Smart360 Term Plan. This term plan ensures extensive coverage for your family and provides you with the opportunity to avail of deductions up to ₹1.5 lakhs under Section 80C.

Glossary:

Tax Regime: The framework of how taxes are levied, calculated, reported, and paid by individuals, businesses, and other entities
Professional Tax: State government tax on individuals based on their profession or trade if their income exceeds a certain threshold
Cess: An additional tax or surcharge imposed by the government on the primary tax liability
ITR: A formal document filed with the tax authorities detailing income, deductions, and tax liability for a financial year
Rebate: A tax refund or deduction that reduces the total tax payable, offered under specific conditions as per tax laws

FAQs Related to Income Tax on 20 Lakh Salary

You can opt for the old regime if the total of your allowed deductions and exemptions under the previous system exceeds the break-even point for your income level. You could benefit more from the new regime if the breakeven threshold exceeds the whole amount of your allowable deductions and exemptions.

The National Pension Scheme (NPS) contribution is the best tax-saving option under both the old and new tax regimes. To optimise NPS tax benefits under the old tax regime, you can claim deductions within the Section 80C limit (covering Section 80CCD(1)) along with the additional Section 80CCD(1B) benefit, allowing deductions of up to ₹2 lakh on personal contributions, over and above any eligible employer contributions.

For an income of ₹20 lakhs, the more tax-efficient regime depends on the deductions and exemptions claimed.

The New Tax Regime usually proves beneficial for individuals with limited deductions, typically below ₹3-4 lakhs, due to lower slab rates and a standard deduction of ₹75,000 for salaried taxpayers.
The Old Tax Regime may offer better outcomes when total deductions, including HRA, Section 80C and home loan interest, fall broadly within ₹4-7 lakhs or higher.

Paying very low tax on a 20 lakh salary is possible. Still, it requires careful tax planning and the use of available deductions and exemptions under the Income Tax Act. Some key strategies include maximising deductions under Section 80C for investments in tax-saving instruments, such as PPF, NPS, life insurance premiums.

To reduce tax on a 20 lakh salary, you can take the following steps:

Opt for the old tax regime if you have eligible deductions like HRA, 80C, 80D, etc., that can lower your taxable income.
Maximise deductions under sections like 80C (up to ₹1.5 lakh, within the overall limit) for investments in PPF and life insurance, and claim additional NPS deduction under Section 80CCD(1B) (up to ₹50,000) if applicable.
Claim deductions for home loan interest under Section 24(b) (up to ₹2 lakh, subject to conditions).
Lastly, ensure you submit all investment proofs to your employer before the deadline to optimise your tax savings.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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How to Save Tax on Salary Above 20 Lakhs in India?

Understand Tax Regimes: Old vs. New

Did You Know?

Budget 2025 Update: New Regime Slabs (FY 2025–26)

₹20LPA Tax Calculation (Old vs New Regime):

What are the Deductions Available to Save Taxes?

Section 80C Investments: PPF, ELSS, FDs, etc.

Additional Deductions: Section 80D (Health Insurance), Section 80E (Education Loan), Section 80G (Donations):

HRA and LTA Benefits:

Tax-Saving Strategies Beyond Investments

Restructure Your Salary

Tax-Free Benefits and Perks

Employer Contributions to NPS or EPF

Tax Planning Strategies for Salaried Individuals

Take Advantage of the Salary Components:

Utilise Section 80c Deductions:

Take the Benefits of 80D Deductions (Medical Insurance):

File Income Tax Returns (ITR) before the Due Date

Conclusion

Glossary:

FAQs Related to Income Tax on 20 Lakh Salary

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