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No need to pay income tax if you are on Rs 10 lakh salary: Here’s how

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Taxpayers earning above Rs 10 lakh cough up thousands of rupees as income tax. However, there are several methods using which taxpayers can save big on income tax even if the salary is a bit more than Rs 10 lakh. If you use all the right income tax saving options, you may not need to pay a single penny.

For taking full advantage of the tax exemption options available to the taxpayers, you will need to calculate the savings and expenses properly. The best part is that you don’t even need a financial manager for this as you can learn the art of saving on income tax by yourself.

For instance, if you earn about Rs 10,50,000 per annum, and you’re aged less than 60, you will come under the 30% income tax slab. Here’s how you can save income tax:

1. Deduct Rs.500000 as the standard tax deduction

Rs 10,50,000 – Rs 50,000 = Rs 10,00,000

2. Now, you can start your savings by first investing in instruments that offer rebates under Section 80C of the Income Tax Act. You can save up to a maximum of Rs 1.5 lakh by putting your money in investment tools such as EPF, PPF, ELSS, NSC and up to Rs 1.5 lakh annually in the form of tuition fees for two children.

Rs 10,000,000 – Rs 1,50,000 = Rs.8,50,000

3. Invest up to Rs 50,000 annually in the National Pension System (NPS) scheme to get a rebate under section 80CCD (1B) of the Income Tax Act.

Rs 8,50,000 – Rs 50,0000 = Rs.8,00,000

4. If you have a home loan to repay and your annual interest is over Rs 2 lakhs, then you can save up to a maximum of Rs 2 lakh under section 24B of income tax.

Rs 8,00,000 – Rs 2,00,000 = Rs.6,00,000

5. Further, you can claim a return of up to Rs 25,000 for health insurance premiums. You can save on the premiums of preventive healthcare check-up for spouse, children and yourself under Section 80D of the Income Tax. Moreover, buying health insurance for parents can help you avail of an additional deduction of up to Rs 50,000 if parents should be senior citizens.

Rs 6,00,000 – Rs 75,000 = Rs 5,25,000

6. Also,  the tax department allows taxpayers to claim a deduction on the amount donated to organisations registered under Section 80G of Income Tax. For availing of the returns, you will have to share the necessary documents, including a stamped receipt of the donation.

Rs 5,25,000 – Rs 25,000 = Rs.5,00,000

7. With all deductions, your taxable salary will now come down to Rs 5 lakh. In India, a taxpayer is required to pay tax at 5% if he or she earns more than Rs 2.5 lakh. So, in this case, your tax will be Rs 12,500 (5% of Rs 2.5 lakh). However, you can avail of the exemption on the tax. This will bring down your annual tax to zero.

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Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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