![]() Step 5: If you have interest income from other sources, you can claim a deduction on it as well, under section 80TTA of the Income Tax Act.Step 4: Under section 80D of the Income Tax Act, you can claim medical insurance for self of up to Rs.With this, your taxable income now reduces to Rs. Under section 80CCD (1B) of the Income Tax Act, you can claim a deduction of Rs. ![]() Step 3: Invest some money in the national pension scheme.Thus, your taxable income gets reduced to Rs. You can do this by investing the entire sum into your public provident fund (PPF), or dividing it between your PPF, employee provident fund (EPF), tax-saving mutual funds, and tuition fees paid for your children’s education. 1.5 lakh under section 80C of the Income Tax Act. Step 2: You can get a deduction of up to Rs.Once you claim this, your taxable income reduces from Rs. Step 1: The standard deduction that you can claim against your income has been increased to Rs.Here is how you can utilise these exemptions to ensure zero tax payable even if your income is Rs. For those who have opted for the old regime, it allows you to claim exemptions under different sections. 10 lakh, you will need to pay 20% of your taxable income to the government. 5 lakh per annum need to pay tax as per their slab. As per the old tax regime, individuals who earn more than Rs. Income tax in India works on a slab-based system.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |