Tax

  Ways to Reduce Tax (Old Regime) If your income is higher and you choose the old regime , these deductions help. 2️⃣ Invest Under 80C (₹1.5 lakh deduction) Under Section 80C , you can claim up to ₹1.5 lakh deduction . Examples: Public Provident Fund (PPF) Employees' Provident Fund (EPF) Equity Linked Savings Scheme (ELSS) Life insurance premium Tuition fees for children House loan 3️⃣ Health Insurance Deduction Under Section 80D You can deduct: ₹25,000 for self/family ₹50,000 for senior citizen parents Example Premium ₹20,000 → ₹20,000 tax deduction 4️⃣ Home Loan Benefits If you have a house loan: Interest deduction under Section 24 (up to ₹2 lakh) Principal under 80C 5️⃣ National Pension System (Extra Deduction) Invest in National Pension System You get an extra ₹50,000 deduction under Section 80CCD(1B) . 6️⃣ Education Loan Interest Under Section 80E Full interest amount can be deducted. 7️⃣ Donations Donations to...

 3L to 6L - 5% tax  3L - 15,000  4L- 20,000 5L- 25,000 7L tto 9L - 10% tax 7L - 70,000 8L - 80,000 9L - 90,000

  1️⃣ New Tax Regime (Default in India now) Under the new regime , there is a standard deduction of ₹50,000 for salaried individuals. Calculation: Annual income = ₹7,00,000 Standard deduction = ₹50,000 Taxable income = ₹6,50,000 Tax slabs (new regime): Up to ₹3,00,000 → 0% ₹3,00,001 – ₹6,00,000 → 5% ₹6,00,001 – ₹9,00,000 → 10% Tax calculation: ₹3,00,000 → 0 ₹3,00,000 × 5% = ₹15,000 ₹50,000 × 10% = ₹5,000 Total tax = ₹20,000 But because your income is below ₹7 lakh , you get Section 87A rebate . ✅ Final tax = ₹0 So if your total income is ₹7,00,000 or less , you pay zero income tax (after rebate). 2️⃣ Old Tax Regime Old regime slabs: Up to ₹2,50,000 → 0% ₹2,50,001 – ₹5,00,000 → 5% ₹5,00,001 – ₹10,00,000 → 20% But there is rebate under Section 87A up to ₹5 lakh income only . If taxable income is ₹7 lakh without deductions , you may pay about ₹52,500 tax . However, with deductions like: 80C (₹1.5L) – PPF, ELSS, LIC 80D...