Income tax rules: Good News!You will get deduction and not to pay tax upto 10 lakh rupees income

Income Tax Rules: Now before July 31, there is good news for crores of taxpayers. You must have always heard that income tax has to be paid on earning more than 2 lakh 50 thousand rupees, but now we tell you a way in which you will not have to pay any tax even on income up to 10 lakh.

Income Tax Refund: As you all know that now you have only 3 days left to file ITR. Those who file income tax after July 31 will have to pay a heavy fine. But now before July 31, there is good news for crores of taxpayers. You must have always heard that income tax has to be paid on earning more than 2 lakh 50 thousand rupees, but now we tell you a way in which you will not have to pay any tax even on income up to 10 lakh.

Let 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

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.