Income Tax New Update: Taxpayers will no longer be required to pay any tax on income up to Rs 10 lakh. See order details for further information

 Income Tax New Update: Taxpayers will no longer be required to pay any tax on income up to Rs 10 lakh. See order details for further information

Income Tax New Update: Taxpayers will no longer be required to pay any tax on income up to Rs 10 lakh. See order details for further information

Income Tax Latest Development: For those who pay income taxes, there is good news. The Finance Minister has finally provided you with excellent news if the high income tax is causing you any concern. According to information provided, Finance Minister Nirmala Sitharaman, you are no longer required to pay taxes on income up to Rs 10 lakh.

Income Tax Update: For those who pay income taxes, there is wonderful news. The Finance Minister has finally provided you with excellent news if the high income tax is causing you any concern. According to information provided, Finance Minister Nirmala Sitharaman, you are no longer required to pay taxes on income up to Rs 10 lakh. Yes, Nirmala Sitharaman has made income up to 7 lakhs tax free in the Budget 2023. However, we will tell you about a way today whereby you would pay no tax on income up to 10 lakhs.

would not be required to pay income taxes up to ten lakhs

You may save taxes on income up to Rs. 10 lakhs if you arrange your taxes well. According to tax experts, you must choose the previous tax system if you want to earn up to Rs. 10 lakhs tax-free.

The government expanded the exemption's purview.

Let us inform you that the Finance Minister has expanded the base tax exemption under the new tax system in this year's budget. The Finance Minister had said that its scope will be expanded in the budget. The previous tax structure remained unchanged at the same time. Allow us to inform you that under the previous tax structure, tax-saving options ranged from house loans to insurance policies.

There would be no taxes on income up to 10 lakhs.

Media sources claim that salaried individuals may avoid taxes on income as high as Rs 10 lakh, but careful planning is need to achieve this. Under the previous tax structure, a taxpayer might earn up to 10 lakhs tax-free if they planned ahead.

How can I reduce my taxes?

In the previous tax system, you might have saved Rs 1.5 lakh by investing in NSC, ELSS, PPF, and EPF under section 80C of the Income Tax Act. You would owe Rs 8.5 lakh in taxes once this Rs 1.5 lakh is subtracted.

What are the strategies to save how much tax?

In addition, you have the option to save up to Rs 50,000 in NPS. This is under section 80CCD (1B) for saving. In addition, you may save up to Rs 2 lakh in taxes if you have purchased a home. A medical coverage might also help you save up to Rs 25,000 in taxes. In addition, you may get a further discount of up to Rs 50,000 if you buy health insurance in your parents' names and they are elderly citizens.

won't be required to pay any taxes

Furthermore, the Income Tax Act's regulations provide that the tax on income exceeding Rs 5 lakh is Rs 12,500 (5% of Rs 2.5 lakh). Because you have fallen into the 5 lakhs tax slab by using all of the deductions, you are eligible for a refund of Rs 12500 under Income Tax Section 87A, meaning you will not be required to pay any taxes.