You could finish up paying a sizable portion of your yearly income in taxes if you make Rs. 10 lakhs in salary. So, do you know how to pay zero tax for income upto 10 lakhs? Fortunately, I am aware of a few smart tax-saving strategies that will help you avoid this. Some of them include claiming standard deduction, taking advantage of home loan or health insurance, and so on. I have shared all the tips below for you.
How to Pay Zero Tax Upto 10 Lakhs?
Here are a few tips you can check out to reduce your taxes on your annual salary of 10 lakhs.
Salaried individuals and pensioners can claim a standard deduction of Rs.50,000 from their income.
Section 80C: Deduct up to Rs.1.5 lakhs by investing in instruments like Public Provident Fund (PPF), Equity-Linked Savings Schemes (ELSS), National Savings Certificates (NSC), or paying life insurance premiums.
You can also claim up to Rs.25,000 for health insurance premiums for self and family. An additional Rs.50,000 is available for insuring parents aged 60 or above.
You can also get home loan benefits. Deduct up to Rs.2 lakhs on home loan interest under Section 24(b) and claim principal repayment under Section 80C.
You can get an additional deduction of Rs.50,000 by contributing to the National Pension System.
If you pay rent, claim House Rent Allowance (HRA) as per income tax rules.
You can use exemptions like Leave Travel Allowance (LTA) or reimbursement of telephone bills.
I hope you found this helpful.
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How to Pay Zero Tax for Income Upto 10 Lakhs?
sia
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2025-01-23T09:43:59+00:00 2025-01-23T09:44:00+00:00Comment
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