Income Tax Saving: 1 rupee tax will not have to be paid even on 10 lakh income, follow this master rule of CA

Income Tax Saving: You must have always heard that income tax has to be paid on earning more than 2 lakh 50 thousand rupees. This is true, but the government has made so many provisions in the Income Tax Act that if you use them properly at the right time, then you do not need to pay any tax even on an income of Rs 10 lakh. 

Yes, people go to CA or agent to save their tax. You may have to pay consulting fees to them. In such a situation, if you want to avoid this fee also, then today we are telling you about these rules. With this you will be able to save your tax easily.         

Tax will not be charged from such formula  

• Suppose your annual income is Rs 10 lakh 50 thousand, then you can claim standard deduction under the Income Tax Act. Under this, you will get a discount of 50 thousand rupees. Now the taxable income is Rs 10 lakh. Let us know how we can reduce it. 
• Now you can claim Rs 1 lakh 50 thousand under Section 80C of the Income Tax Department Act. Under this, you can claim the money invested in LIC (LIC), PPF (PPF), children’s tuition fee, mutual fund (ELSS) and EPF (EPF). Apart from this, you can also claim the home loan amount. Now your taxable income remains 8 lakh 50 thousand rupees. 

• You can invest 50 thousand rupees in National Pension System (NPS). Under this, you will be able to claim under 80CCD (1B). In this way, an income of Rs 8 lakh is saved. How else can it be reduced. Let’s know. 
• Now you can claim Rs 2 lakh under Section 24B of the Income Tax Act. You get this rebate when you have paid this much amount as home loan interest. In this way, now you will have to pay tax on an income of Rs 6 lakh. 
• Now you can take medical health insurance claim of 25 thousand rupees under 80D. Not only this, if you buy health insurance for senior citizens (parents), you can claim an additional Rs 50,000. In this way, you can claim a health insurance premium of Rs 75,000. 
• If you donate 25 thousand rupees to any institution or trust, then it can be claimed under section 80G of income tax. Now your taxable income is saved at Rs 5 lakh. 

• People whose income is between Rs 2 lakh 50 thousand to Rs 5 lakh, they do not have to pay tax because the government gives a rebate of 5% on this income. In this way you can save tax on Rs 10 lakh 50 thousand.