Tax Saving Tips: Earning more than 10 lakhs, still not paying tax of Re 1! Then read this – Income Tax Saving Tips How To Save Tax More Than 10 Lakhs Annually Follow These Steps Investment Tips Income Tax Calculator

Tax Saving Tips: You will not have to pay a single penny tax even on an income of Rs 10 lakhs.

New Delhi : Currently, income tax relief of up to Rs 5 lakh for salaried, salaried taxpayers (income tax saving) But if the income is more than this, then tax has to be paid on it. according to the structure of the tax system (Tax Slab) You have to pay taxes. Tax has to be paid as per the tax structure. But if you decide not only on 5 lakhs but also on income above 10 lakhs then you can save tax. There are many schemes in which investing can be beneficial for you. You get tax benefit. Tax can be saved even if the income is more than 10 lakhs. According to the income tax rules (Income Tax Rules)Currently, no tax is payable on income up to Rs 2.5 lakh. Income between Rs 2.5 to Rs 5 lakh is taxed at 5%. Income between 5 to 10 lakhs is taxed at 20% and income above 10 lakhs is taxed at 30%.

Suppose your income is Rs 10,50,000. standard deduction in (standard deduction) 50,000 will be reduced by Rs. Standard deduction is calculated on the remaining amount. Tax is calculated on subsequent earnings. Salaried employees and pensioners get the benefit of standard deduction up to Rs 50,000 from the central government. With a deduction of Rs 50,000, your earning will be around Rs 10,00,000.

Apart from this, a deduction of up to Rs 1.5 lakh is available under 80C of the Central Government. You can save tax up to Rs 1.5 lakh on your investment in schemes like EPF, PPF, ELSS, NSC. 10,00,000 will be reduced to Rs 1.5 lakh. This income will be Rs.8,50,000.

Tax savings of up to Rs 25,000 can be made if you take a health insurance plan for your family. Tax exemption up to Rs 25,000 is available under Rule 80D. A deduction of up to Rs 50,000 can be claimed for health insurance plans for parents.

You can save Rs 75,000 in both these processes. Now it has been reduced from 8,50,000 to 75,000. Your income remains Rs 7,75,000. You may be burdened with a home loan or you may have bought a property. Still it can be taken advantage of.

At the same time, under tax rule 24B on home loan, tax relief can be availed on interest of Rs 2 lakh. Now if you deduct Rs.2,00,000 from Rs.7,75,000, your income becomes Rs.5,75,000.

You can save up to Rs 50,000 by investing in NPS. Tax exemption is available under section 80CCD (1B) on investment up to Rs 50,000 in the National Pension Scheme. After deducting Rs.50,000 from Rs.5,75,000, the taxable income will be Rs.5,25,000.

You donated money to a good cause. You can save up to Rs 25,000 under section 80G if you are financed and have receipts. So now you have come to an income of five lakh rupees.

Rs 12,500 is taxed on an income of Rs 5,00,000. Under section 87A, a deduction of Rs 12,500 is available. So in the end you don’t have to pay a cent in taxes.

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