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Income Tax Slab: The financial year 2022-23 is about to end. In such a situation, before the beginning of the new financial year, if you have not done tax planning yet, then do it as soon as possible. We all know that people whose salary is more than Rs 2.5 lakh have to pay tax, but if your salary is more than this, then it is very important to do tax planning wisely. Today we are going to tell you such tricks through which you will not have to pay even a single rupee tax on income up to Rs 10.5 lakh. Let us know how you have to do investment planning for tax saving-
Rebate will be available under 80C
If you invest under Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Employees Provident Fund (EPF), ELSS, you can get a rebate of up to Rs 1.5 lakh under Section 80C of Income Tax. After this your taxable income will be only Rs 8.5 lakh. By investing in a scheme like its NPS, you will get an additional deduction of Rs 50,000 under Section 80CCD (1B). In such a situation, now the taxable salary will be 8 lakhs.
Rebate on home loan interest
If you have taken a home loan and pay its interest, you can get a tax exemption of up to Rs 2 lakh on that payment. You will get this exemption under section 24(b) of Income Tax. Keep in mind that home loan tax exemption is available only on interest payment and a taxpayer cannot avail tax exemption on payment of cost.
Get discount on health insurance
If you have taken health insurance for yourself and your family, then you can get a tax exemption of up to Rs 25,000. On the other hand, if you have bought health insurance for your senior-citizen parents as well, then you can get a discount of up to Rs 50,000. The limit of such total exemption is Rs.75,000. In this case, the taxable income will be Rs 5.25 lakh only.
Donation will get discount
If you make some donation in a year, you can get a rebate of up to Rs 25,000. In such a situation, now your taxable income will be only 5 lakhs. In this case, tax of Rs 12,500 will have to be paid at the rate of 5% of Rs 2.5 lakh. In this case, under section 87A, you will get a tax exemption of 12,500. In such a situation, you will not have to pay even a single rupee tax in the tax slab of 5 lakhs.
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