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 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:

Gross salary: Rs. 10 lakh
Standard deduction: Rs. 50,000
Deduction under section 80C: Rs. 1,50,000
Deduction under section 80D: Rs. 25,000
Deduction under section 80TTA: Rs. 10,000
Total deductions: Rs. 2,35,000
Taxable income: Rs. 7,65,000
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.

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