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No need to pay tax even on earning of Rs.10 lakhs p.a

Here is a steps

Form-16 has been issued by the companies.

If your thinking of paying tax on income of 10 lakhs, then you are wrong

On a salary of 10.5 lakhs, then first of all subtract 50k given by the govt as standard deduction. In this way your taxable income is now Rs.10lakhs

Now you can claim Rs.1.5 Lakhs under 80C.

In this, you can claim children's tuition fee, PPF, LIC, EPF, MF, Principal of home loan etc.

You have to invest 50 thousand under NPS under 80CCD(1B) to make zero tax on salary of 10.5 lakhs

Now under section 24B of income tax, you can claim tax exemption on home loan interest of Rs.2 lakhs.

Under section 80D of Income Tax, you can claim a premium of Rs.25 thousand medical health insurance for your family

Apart from this, senior citizens can claim50 thousand for health insurance premium paid for parents.

After claiming total health insurance premium of 75 thousand, your taxable income has come down to 5.25lakhs

Now you have to donate 25 thousand to any organisation or trust to bring your taxable income to 5 lakhs.You can claim it under section 80G of Income Tax.

On donating 25 thousand your taxable income come down to Rs.5Lakhs.

On this income of 2.5 to 5 lakh, at the rate of 5%, your tax become Rs.12500.

But there is exemption from the Govt on this. In this case your tax liability becomes zero.

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