Income Tax Saving: Even if your income is Rs 10 lakh, you do not need to pay a single rupee tax. Yes, if you have been paying tax on income of Rs 10 lakh to the Income Tax Department till date, then be careful now because today we are going to tell you such rules of the Income Tax Department, under which you can pay tax on income of Rs 10 lakh. Can get it free. There are many ways to save tax. Many people do tax evasion in a wrong way, but today we are going to tell you about how tax can be saved legally. If your annual package is also 10 lakh 50 thousand rupees, then you do not need to take any tension.
If your annual income is 10 lakh 50 thousand rupees, then you come in the tax slab of 30 percent because those whose annual income is more than 10 lakh, they have to pay 30 percent income tax.
Tax will not be charged from such formula
- If your annual income is 10 lakh 50 thousand rupees, then the government will give you standard deduction, under which you deduct 50 thousand rupees. Now your taxable income remains Rs 10 lakh.
- After this you can use Section 80C of the Income Tax Department Act. In this you can claim Rs 1 lakh 50 thousand. In which you can claim PPF (PPF), LIC (LIC), children’s tuition fee, EPF (EPF) and Mutual Fund (ELSS). If there is an ongoing home loan, you can claim that as well. In this way, now you will have to pay tax on an income of Rs 8 lakh 50 thousand.
- If you want that there is no tax on income of 10 lakh 50 thousand rupees, then for this you have to invest in National Pension System (NPS) under 80CCD (1B). Here you have to invest 50 thousand rupees. Now you will have to pay tax only on an income of Rs 8 lakh. Let us know how it can also be reduced.
- Now you have to use section 24B of the Income Tax Act. Under this, you can claim two lakh rupees. However, you will get this exemption only if you have spent this much amount on home loan interest payment. Now you have to pay tax on an income of Rs.6 lakh. Now let us know how this amount can be further reduced.
- Now you use section 80D of income tax. Under this, you buy medical health insurance for your family. Its premium can be claimed here. Apart from this, you can claim health insurance premium of Rs 50 thousand for senior citizens (parents). In this way, you can claim a total of 75 thousand rupees in the name of health insurance premium. After this, your taxable income has been reduced to only Rs 5 lakh 25 thousand.
- Now if you want that there is no tax on your income, then for this you will have to donate 25 thousand rupees to any institution or trust. You can claim this donation under section 80G of Income Tax. In this way your taxable income will be Rs 5 lakh.
- no tax to be paid
After claiming all these things, you do not need to pay any tax because income from Rs 2 lakh 50 thousand to Rs 5 lakh is taxed at the rate of 5 percent. In this way a tax of Rs 12,500 has to be deposited, but the government has given exemption for depositing this amount. In this way, you do not need to pay any tax even on an income of Rs 10 lakh 50 thousand.