Skip to main content

Income Tax: How is it possible to not pay tax

Income Tax: How is it possible to not pay tax even if you have an income of Rs.10 lakh?
It is possible to not pay tax even if you have an income of Rs. 10 lakh by claiming deductions and exemptions under the Income Tax Act. Some of the common deductions and exemptions that can be claimed include,
Income Tax: How is it possible to not pay tax
Income tax 


How to avoid tax for 10 lakhs


Standard deduction: A standard deduction of Rs. 50,000 can be claimed by salaried individuals.

Deduction under section 80C: A deduction of up to Rs. 1,50,000 can be claimed for investments made in various saving schemes, such as EPF, PPF, ELSS, and NSC.

Deduction under section 80D: A deduction of up to Rs. 25,000 (Rs. 50,000 for senior citizens) can be claimed for health insurance premiums.

Deduction under section 80TTA: A deduction of up to Rs. 10,000 can be claimed for interest paid on home loans.

In addition to these deductions, there are also a number of other exemptions that can be claimed, such as the exemption for income from house property and the exemption for agricultural income.

If you are able to claim all of the deductions and exemptions that are available to you, it is possible to bring your taxable income down to zero, even if you have an income of Rs. 10 lakh.

Here is an example of how this can be done:

  1. Gross salary: Rs. 10 lakh
  2. Standard deduction: Rs. 50,000
  3. Deduction under section 80C: Rs. 1,50,000
  4. Deduction under section 80D: Rs. 25,000
  5. Deduction under section 80TTA: Rs. 10,000
  6. Total deductions: Rs. 2,35,000
  7. Taxable income: Rs. 7,65,000
  8. Net tax payable: Nil

As you can see, by claiming all of the deductions and exemptions that are available to you, it is possible to bring your taxable income down to zero, even if you have an income of Rs. 10 lakh. However, it is important to note that the specific deductions and exemptions that you can claim will depend on your individual circumstances. You should consult with a tax advisor to determine which deductions and exemptions are available to you and how to claim them.
Tags:

Comments

Post a Comment

Like this 22k jewelers blog?

Popular posts from this blog

Emmvee Photovoltaic Power Share Price Target 2030: Is It a Buy?

The renewable energy sector, particularly the solar energy segment, is growing rapidly. If you are looking for long-term growth opportunities in this sector, 'Emmvee Photovoltaic Power' is a company that warrants your attention. Based on recent market studies and financial reports, we outline the company's key operational metrics here and analyze why market analysts recommend it as an excellent long-term investment. Emmvee Photovoltaic Power: Key Stock and Market Metrics As of July 16, 2026, the company’s stock boasts strong fundamentals, supported by robust operating profit margins and excellent capital utilization. Metric | Details / Statistics Current Share Price (as of 16.07.2026): ₹365.35 Market Capitalization: ₹24,696 Crore Analyst Recommendation: Buy Recommended Investment Horizon: 5 years Expected Target Price (by 2030): ₹628.00 A Detailed Look at Financial and Valuation Ratios To understand why analysts are confident that Emmvee Photovoltaic Power will reach a targ...
Post a Comment
Read more

What are the weekly employment news updates and notifications?

Learn how weekly employment news updates and notifications help job seekers track new vacancies, industry trends, recruitment announcement, and career growth opportunities. Interested in joining a medical education institute? A notification has been released for vacancies at a postgraduate medical education and research institute operating under the Central Government. There is a total of 60 vacancies, including 54 for MTS, 1 for Medical Officer, 1 for Pharmacist, and 1 for Computer Operator. Educational Qualifications: 10th Standard / D Pharm / MBBS. Age Limit: 18–30 years (as of 19.10.2026). Selection Process: Online examination, skill test, and certificate verification. Application Method: Online. Application Fee: ₹1,500 (₹800 for SC/ST categories). Last Date: 19.10.2026. For details: pgimer.edu.in Engineer Positions at National Power Company A recruitment notification has been released for vacancies at the National Thermal Power Company. There is a total of 17 vacancie...
Post a Comment
Read more

What is the future prediction of Vedanta share in 2026?

To enable investors to choose sectors that align with their preferences, the Vedanta Group has demerged into four separate entities, which were listed on the stock exchange the day before yesterday.  What is the outlook for the four newly listed Vedanta entities over the next six months? Stock market expert Reji Thomas shares his insights regarding their performance and the outlook for the next 3–6 months. Vedanta Aluminium Metal Price: 471 Operations: India’s leading integrated aluminium producer, covering the entire value chain—from bauxite mining and refining to the manufacture of products for sectors such as construction, automotive, power, and packaging. Business Outlook: Driven by large-scale infrastructure, low production costs, and steady demand, this is considered the strongest business among Vedanta's four new entities. Next 3–6 Months: Revenue and market valuation are expected to rise in the coming quarters, supported by international price stability and strong domesti...
Post a Comment
Read more