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Tax Bachaao agr salary...

🌟Let us assume the person has a total income of Rs 9.5 lakh from salary. First, there is a standard deduction of Rs 50,000 for salaried individuals. This will reduce the taxable income to R 9 lakh. 🔸Then come the tax-saving investments under Sec80C, which can reduce taxable income by up to Rs 1.5lakh, by Investing in ELSS Mutual fund, PPF etc. 🔸Another Rs 50,000 can be reduced by investing in the NPS under Sec 80CCD (1b). Together these two deductions will reduce the taxable income to Rs 7 lakh. - The home loan deduction will take away another big chunk from the total taxable income, under section 24 (b) but If the taxpayer is living on rent, he can claim exemption for HRA. 🔸Let us assume he don’t have the home loan and lives on Rent, then HRA can reduces the taxable income by Rs 1,25,000* taking the net taxable income to Rs 5.75 lakh. *[Do note to claim the HRA exemption of more than 1L, the Individual have to submit the PAN of the Landlord) 🔸Medical insurance has come into focus after Covid.A taxpayer below 60 can claim a deduction of up to Rs 25,000 for health insurance premium. He can separately claim deduction of up to Rs 50,000 paid for health insurance of senior citizen parents. Given the high cost of insuring senior citizens, that limit is easily breached. If both deductions are claimed, the taxable income of the individual falls to Rs 5 lakh. - This is a crucial threshold. If the taxable income is below Rs 5 lakh, the taxpayer becomes eligible for full tax rebate under Section 87A. In other words, no tax is payable if the net taxable income is below Rs 5 lakh. Source:- Economic Times, Income Tax Act 1961 #incometax #taxseason #savemoney #law #moneymanagement #awareness