Income Tax Slab: There is great news for those who pay Income Tax. If you also pay tax, then now you are going to get a big benefit. Let us tell you that if your salary is Rs 10.5 lakh, then you can save 100% tax on this salary as well. Yes… You will not have to pay any tax even on this much income. Let us tell you how you can save tax-
Income up to Rs 2.5 lakh is tax free
Tell me, at present your income up to Rs 2.5 lakh is tax free, but even after all this, you will not have to pay a single tax even on salary up to Rs 10.5 lakh.
Standard deduction of Rs 50,000 is available
if the annual income of any person is Rs 10 lakh 50,000, then you get a straight standard deduction of Rs 50,000. In this situation, your taxable income becomes Rs 10 lakh. According to media reports, the government may increase the standard deduction from Rs 50,000 to Rs 70,000 in this budget.
1.5 lakh exemption will be available in 80C.
Apart from all this, you can take advantage of full tax exemption of up to Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961. It comes with many facilities including LIC, PPF. Accordingly, your taxable income remains only Rs.8,50,000.
You will get a discount of 50,000 here, apart from this, you can also save tax through NPS under Section 80CCD of Income Tax Act 1961. In this, you will get a rebate of up to Rs 50,000, which means your taxable income will now be only Rs 8 lakh.
Here you will get a discount of 2 lakhs.
If you have bought any house or have any home loan in your name, then you also get the benefit of income tax exemption. Under Income Tax Act 24B, you get a full exemption of up to 2 lakhs. So according to this your taxable income will remain only Rs.6 lakh.
You can get a discount of Rs 75,000 by getting insurance done, apart from
this you can claim Rs 75,000 under Section 80D of Income Tax. You can also take insurance for your family. By doing this, your taxable income will be reduced to only Rs 5 lakh 25 thousand.
Apart from all this, if you are associated with any organization, you can also get tax exemption of up to Rs 25,000 through donation . In this you can claim under section 80G of tax. After taking advantage of this exemption, your taxable income remains only Rs 5 lakh, on which you do not have to pay any tax.
