Income Tax: If your annual income is Rs 10 lakh, do you know how much income tax you will have to pay? Let us know about it.
Income Tax: Let us tell you that if your annual income is Rs 10 lakh, then you can save more tax by adopting the Old Income Tax Scheme. You can get tax exemption by investing up to Rs 1.5 lakh under Section 80C of Income Tax. You can get this discount by investing in insurance, PPF, 5 year FD. Apart from this, you can get tax exemption by investing Rs 50 thousand in New Pension Scheme i.e. 80CCD(1B).
Apart from this, you can get tax exemption on medical insurance premium under Section 80D of Income Tax. In this you can get tax exemption on premium of Rs 25 thousand.
Let us tell you that if you adopt the old tax regime, then after the above investments you will have to pay tax of Rs 60,841 on the income of Rs 10 lakh.
Whereas in the new tax regime you will have to pay tax of Rs 70,200 without any investment.
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