Those earning 10 lakh rupees will also be tax free, they will not have to pay any tax

Save Income Tax: The country's general budget (Union Budget 2024) has been presented on 23 July. In the first budget of Modi tenure 3.0, people have been given a big relief regarding income tax. In this, giving a big discount under the new tax regime, the standard deduction has been increased from Rs 50,000 to Rs 75,000. At the same time, some changes have also been made in the tax slab. That is, now income of Rs 7.75 lakh has become tax free for those who choose the new tax system. But if your annual income is Rs 10 lakh, then you can also save your income tax completely. You will not have to pay even 1 rupee as tax. Just for this you have to choose the second option. How will the income of 10 lakhs be tax free, understand the math-

This is how you can save tax on income of Rs 10 lakh

• To get income tax benefits on income up to Rs 10 lakh, you have to switch to the old tax system. In this, you can claim many types of deductions and save income tax on many types of income. Understand how-
• If you choose the old tax system, you get a standard deduction of up to Rs 50,000. Standard deduction is the amount that is deducted from the total income before deductions. In such a situation, the taxable income of a person earning Rs 10 lakh becomes Rs 9.50 lakh.
• If you have invested in schemes like PPF, EPF, NSC which give the benefit of 80C, then you can save tax up to Rs 1.5 lakh under 80C. In such a situation, if you deduct another 1.50 lakh from 9.50 lakh, then the taxable income will be Rs 8 lakh.
• If you invest even Rs 50,000 annually in NPS, then under section 80CCD (1B) you are given an additional tax exemption of Rs 50,000. In such a situation, after deducting Rs 50,000 from Rs 8 lakh, the taxable income remains Rs 7.50 lakh.
• People who have taken a home loan can save up to Rs 2 lakh on its interest under Section 24B of Income Tax. Now if we subtract Rs 2 lakh from Rs 7.50 lakh, then Rs 5.50 lakh is saved.
• If you have taken a medical policy, you can save tax up to Rs 25,000 under Income Tax Section 80D. If your name, your wife's name and your children's name are also included in the health insurance, then you can get an additional deduction of up to Rs 50,000.
• In such a situation, now if you deduct Rs 75,000 more from Rs 5.50 lakh, then your income will become Rs 4.75 lakh. Since there is no tax on income up to Rs 5 lakh in the old tax system, no tax will be levied on you. In this way, you can make income up to Rs 10 lakh tax free.