Before July 31, there is a good news for millions of taxpayers. You might have heard from everyone that you have to pay income tax on income above 2 lakh 50 thousand rupees, but now we tell you that you don’t have to pay any tax on income up to 10 lakh and there is a way around it? Let’s find out.
Income Tax News: As you all know you have only 3 days left to file ITR. Those filing income tax after July 31 will have to pay heavy penalties. But now before July 31, there is a happy news for crores of taxpayers. You might have heard from everyone that you have to pay income tax on income above 2 lakh 50 thousand rupees, but what if we told you that you don’t have to pay any tax on income up to 10 lakh and there is a way around it? Let’s find out what that way is.
People go to CA or Agent to save their tax. And for that they have to pay consultancy fees. In such a situation, if you want to avoid this fee as well, today we are giving information about some of these rules. By that you will be able to save your tax (Business News In Kannada) easily.
Follow these steps
1. Your annual income is Rs. Suppose 10 lakh 50 thousand, you can get standard deduction or standard deduction under income tax act. Under this you will get a discount of 50 thousand rupees. Now your taxable income will be Rs.10 lakhs, we can reduce that too.
2. Now you can avail rebate up to Rs.1 lakh 50 thousand under Section 80C of Income Tax Department Act. Under this, you can claim money invested in LIC (LIC), PPF (PPF), children’s tuition fees, mutual fund (ELSS) and EPF (EPF). Moreover, you can also claim the home loan amount. Now your taxable income will come to Rs.8 lakh 50 thousand.
3. You can invest Rs 50 thousand in National Pension System (NPS). Under this, you will be able to claim u/s 80CCD (1B). Now your taxable income has reached Rs.8 lakhs.
4. Now you have deducted Rs 2 lakh under Section 24B of the Income Tax Act . You get this discount when you pay this amount as home loan interest. In this way, now you have to pay tax on Rs 6 lakh income.
5. Now you can take medical health insurance claim of Rs 25 thousand under 80D. Not only that, if you buy health insurance for senior citizens (parents), you get an extra Rs 50,000. This way, you can claim a health insurance premium of Rs 75,000.
6. If you donate Rs 25 thousand to any organization or trust, it can be claimed under Section 80G of Income Tax. This way your taxable income will reach 5 lakhs.
7. People whose income is between 2 lakhs 50 thousand to 5 lakhs do not have to pay tax as the government gives 5% rebate on this income. Through this, tax can be saved even on income up to 10 lakh 50 thousand rupees.
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