Earn 10 lakh rupees annually? Here’s How You Can Pay Zero Tax

New Delhi: Taxpayers, who are still grappling with the fallout of the pandemic and the lockdown, have high hopes from the next Union Budget 2022-23. The one-time proposal is to increase the basic exemption amount from Rs 2.5 lakh to Rs 5 lakh. Taxpayers have also requested that the Finance Ministry increase the existing standard deduction limit from Rs 50,000 to at least Rs 1 lakh.

Many expect the finance minister to restructure the tax slabs to reduce his tax burden, but it seems unlikely. The development, if it materializes, will be much appreciated by the taxpayers. Even if it doesn’t, there are several provisions in the existing tax rules that, if used properly, can dramatically reduce the tax burden.

Even those earning a decent amount of Rs 10 lakh per year can plan to pay no tax. Suppose a person earns Rs 10 lakh per year in salary and Rs 20,000 in interest. Due to standard deduction, the annual income of Rs 9.7 lakh will come immediately to the taxable income.

Section 80C tax saving investments can reduce taxable income up to Rs 1.50 lakh. Another Rs 50,000 can be saved by investing in the National Pension Scheme under section 80CCD (1b). These two deductions reduce taxable income to Rs 7.7 lakh per annum. If you have a home loan, you can deduct a large amount from your taxable income.

Assuming that a home loan or house rent allowance (HRA) reduces the taxable income by another Rs 2 lakh, the effective taxable income is now Rs 5.7 lakh. Medical insurance, which has become increasingly important post-Covid, can reduce taxable income by another Rs 25,000. A taxpayer can claim an additional Rs 50,000 for insurance for elderly parents. After claiming both these deductions, the taxable income is Rs 4.95 lakh.

Once the taxable income falls below Rs 5 lakh, it is not taxed as it qualifies for full exemption under section 87A. Taking all these deductions into account, a taxpayer earning Rs 10 lakh per year can effectively reduce his tax liability to zero.

live TV

#Mute

Read Full Article
'; $('div.listing').append(string); } }); }, error:function(xhr){ //console.log("Error"); //console.log("An error occured: " + xhr.status + " " + xhr.statusText); nextload=false; }, complete: function(){ $('div.listing').find(".loading-block").remove();; pg +=1; //console.log("mod" + ice%2); nextpath="&page=" + pg; //console.log("request complete" + nextpath); cat = "?cat=904795"; //console.log(nextpath); nextload=(ice%2==0)?true:false; } }); } //lastoff = last.offset(); //console.log("**" + lastoff + "**"); });*/ var maindiv = false; var dis = 0; var fbcontainer=""; var fbid = ''; var fb_script=document.createElement('script'); fb_script.text= "(function(d, s, id) {var js, fjs = d.getElementsByTagName(s)[0];if (d.getElementById(id)) return;js = d.createElement(s); js.id = id;js.src="https://connect.facebook.net/en_GB/sdk.js#xfbml=1&version=v2.9";fjs.parentNode.insertBefore(js, fjs);}(document, 'script', 'facebook-jssdk'));"; var fmain = $(".sr2428882"); //alert(x+ "-" + url); var fdiv = '
'; //console.log(fdiv); //$(fb_script).appendTo(fmain); $(fdiv).appendTo(fmain); function fillElementWithAd($el, slotCode, size, targeting){ if (typeof targeting === 'undefined') { targeting = {}; } else if ( Object.prototype.toString.call( targeting ) !== '[object Object]' ) { targeting = {}; } var elId = $el.attr('id'); //console.log("elId:" + elId); googletag.cmd.push(function(){ var slot = googletag.defineSlot(slotCode, size, elId); for (var t in targeting){ slot.setTargeting(t, targeting } slot.addService(googletag.pubads()); googletag.display(elId); //googletag.pubads().refresh([slot]); }); } $(document).delegate("button[id^='mf']", "click", function(){ fbcontainer=""; fbid = '#' + $(this).attr('id'); var sr = fbid.replace("#mf", ".sr"); $(fbid).parent().children(sr).toggle(); fbcontainer = $(fbid).parent().children(sr).children(".fb-comments").attr("id"); }); function onPlayerStateChange(event){ var ing, fid; //console.log(event + "---player"); $('iframe[id*="video-"]').each(function(){ _v = $(this).attr('id'); //console.log("_v: " + _v); if(_v != event){ //console.log("condition match"); ing = new YT.get(_v); if(ing.getPlayerState()=='1'){ ing.pauseVideo(); } } }); $('div[id*="video-"]').each(function(){ _v = $(this).attr('id'); //console.log("_v: " + _v + " event: " + event); if(_v != event){ //jwplayer(_v).play(false); } }); } function onYouTubePlay(vid, code, playDiv,vx, pvid){ if (typeof(YT) == 'undefined' || typeof(YT.Player) == 'undefined') { var tag = document.createElement('script'); tag.src = "https://www.youtube.com/iframe_api"; var firstScriptTag = document.getElementsByTagName('script')[0]; firstScriptTag.parentNode.insertBefore(tag, firstScriptTag); window.onYouTubePlayerAPIReady = function() { onYouTubePlayer(vid, code, playDiv,vx, pvid); }; }else{onYouTubePlayer(vid, code, playDiv,vx, pvid);} } function onYouTubePlayer(vid, code, playDiv,vx, pvid){ //console.log(playDiv + "Get Youtue " + vid); //$("#"+vid).find(".playvideo-"+ vx).hide(); var player = new YT.Player(playDiv , { height: '450', width: '100%', videoId:code, playerVars: { 'autoplay': 1, 'showinfo': 1, 'controls': 1 }, events: { 'onStateChange': function(event){ onPlayerStateChange(event.target.a.id); } } }); $("#video-"+vid).show(); } function kalturaPlayerAPIReady(code, playDiv,pvid){ var dt=new Date; var nt=dt.getTime(); var vtitle = ""; var video_id_arr = code.split("https://zeenews.india.com/"); var youbora_video_id = video_id_arr[5].split("."); var youbora_video_id = '"' + youbora_video_id[0] + '"'; pre_roll = "https://pubads.g.doubleclick.net/gampad/ads?sz=640x480&iu=/11440465/Zeenews_English_Video/Zeenews_English_Preroll&tfcd=0&npa=0&sz=640x480&gdfp_req=1&output=vast&unviewed_position_start=1&env=vp&impl=s&description_url="+vtitle+"&correlator="+nt; var sources ={}; var config = { targetId: playDiv, provider: { partnerId: 2504201 }, playback: { pictureInPicture : true, autoplay: true }, advertising: { adBreaks: [{ position: 0, ads: [{ url: [pre_roll] }] }] }, plugins: { youbora: { options: { "content.title": "Earning Rs 10 lakh per annum? Here's how you can pay zero tax", "content.customDimension.1":"Zee News", "content.customDimension.2":"https://zeenews.india.com/", "content.customDimension.3":"2022-Jan-18 19:37:35", "content.customDimension.4":"SHUBHAM SINGH", "content.customDimension.5":"2428882", "content.customDimension.6":"Personal Finance,Income Tax,Taxes,Earning,Salary,Tax Slabs", "content.id":youbora_video_id, "content.language":"English" } }, ima: { adsResponse: "" } } } var kalturaPlayer = KalturaPlayer.setup(config); if(kalturaPlayer){ kalturaPlayer.reset(); } var videoUrl = code; var mediaid = '"zn' + pvid + '"'; sources = { hls: [{ id: mediaid, url: videoUrl, mimetype: "application/x-mpegURL" }] } kalturaplayerSetup(kalturaPlayer, sources); if (typeof kalturaPlayer !== 'undefined') { doRegisterEvents(kalturaPlayer); } } function kalturaplayerSetup(kalturaPlayer, playbackType){ kalturaPlayer.setMedia({ plugins: {}, sources: playbackType }); } function doRegisterEvents(kalturaPlayer) { /* player event*/ kalturaPlayer.addEventListener(kalturaPlayer.Event.Core.PLAY, playEvent); kalturaPlayer.addEventListener(kalturaPlayer.Event.Core.PAUSE, pauseEvent); kalturaPlayer.addEventListener(kalturaPlayer.Event.Core.PLAYBACK_ENDED, playbackEndedEvent); /* ad event */ kalturaPlayer.addEventListener(kalturaPlayer.Event.AD_STARTED, adStartedEvent); kalturaPlayer.addEventListener(kalturaPlayer.Event.AD_COMPLETED, adCompletedEvent); kalturaPlayer.addEventListener(kalturaPlayer.Event.AD_SKIPPED, adSkippedEvent); kalturaPlayer.addEventListener(kalturaPlayer.Event.AD_CLICKED,adClicked); } var vlabel = "https://zeenews.india.com"+$(this).attr("video-path"); var isVideoPlayed = false; var isAdSkippedCompleted = false; function adStartedEvent(event) { var videotype = "zee english video"; gtag('event', 'Adstarted', { 'event_category': videotype, 'event_label': vlabel}); gtag('event', 'Play', { 'event_category': videotype, 'event_label': vlabel}); isVideoPlayed = true; isAdSkippedCompleted = true; } function adCompletedEvent(event) { var videotype = "zee english video"; gtag('event', 'Adcompleted', { 'event_category': videotype, 'event_label': vlabel}); isAdSkippedCompleted = true; } function adSkippedEvent(event) { var videotype = "zee english video"; gtag('event', 'Adskipped', { 'event_category': videotype, 'event_label': vlabel}); isAdSkippedCompleted = true; } function adClicked(event) { var videotype = "zee english video"; gtag('event', 'Adclicked', { 'event_category': videotype, 'event_label': vlabel}); } function playbackEndedEvent(event){ var videotype = "zee english video"; gtag('event', 'Complete', { 'event_category': videotype, 'event_label': vlabel}); } function playEvent(event) { var videotype = "zee english video"; if((isVideoPlayed) && (isAdSkippedCompleted)){ isAdSkippedCompleted = false; }else if((isVideoPlayed)){ gtag('event', 'resume', { 'event_category': videotype, 'event_label': vlabel}); }else{ gtag('event', 'Play', { 'event_category': videotype, 'event_label': vlabel}); isVideoPlayed = true; } } function pauseEvent(event) { var videotype = "zee english video"; gtag('event', 'Pause', { 'event_category': videotype, 'event_label': vlabel}); } function AdloadEvent(event) { var videotype = "zee english video"; gtag("event", "kaltura_adloaded", { "event_category": videotype, "event_label": vlabel}); } function AdProgressEvent(event) { var videotype = "zee english video"; gtag("event", "kaltura_adprogress", { "event_category": videotype, "event_label": vlabel}); } function adPausedEvent(event) { var videotype = "zee english video"; gtag("event", "kaltura_adpaused", { "event_category": videotype, "event_label": vlabel}); } /* End of Kaltura player function code */ $(document).delegate("div[id^='play']", "click", function(){ //console.log($(this).attr("id")); //console.log($(this).attr("video-source")); //console.log($(this).attr("video-code")); var isyoutube = $(this).attr("video-source"); var vurl = $(this).attr("video-path"); var vid = $(this).attr("id"); $(this).hide(); var pvid = $(this).attr("newsid"); var vx = $(this).attr("id").replace('play-',''); var vC = $(this).attr("video-code"); var playDiv = "video-" + vid + "-" + pvid; if(isyoutube =='No'){ kalturaPlayerAPIReady(vC, playDiv,pvid); }else{ onYouTubePlay(vid, vC, playDiv,vx, pvid); } }); $(document).delegate("div[id^='ptop']", "click", function(){ var vid = $(this).attr("id").replace('ptop',''); $(this).hide(); var pvid = $(this).attr("newsid"); var vurl = $(this).attr("video-path"); //console.log($(this).attr("id") + "--" + vid); //console.log($(this).parent().children().find('#play-'+vid).attr("video-source")); //console.log($(this).parent().children().find('#play-'+vid).attr("video-code")); var isyoutube = $(this).parent().children().find('#play-'+vid).attr("video-source"); var vC = $(this).parent().children().find('#play-'+vid).attr("video-code"); var playDiv = "mvideo-play-" + vid + "-" + pvid; if(isyoutube =='No'){ //console.log(jwplayer($(this).attr("id")).getState()); kalturaPlayerAPIReady(vC, playDiv,pvid); }else{ onYouTubePlay($(this).attr("id"), vC, playDiv, vid, pvid); } }); var nxti = 3; var ci = 1; var nxti_1 = 6; var nxti_2 = 9; var nxti_3 = 12; if($.autopager==false){ var use_ajax = false; /*var disqus_shortname="zeehindi"; var disqus_identifier; //made of post id and guid var disqus_url; //post permalink function loadDisqus(source, identifier, url, nid) { if (window.DISQUS) { //alert("if"); jQuery('
').insertAfter(source); jQuery('#disqus_thread').insertAfter(source); //append the HTML after the link //if Disqus exists, call it's reset method with new parameters DISQUS.reset({ reload: true, config: function () { this.page.identifier = identifier; this.page.url = url; } }); }else{ jQuery('
').insertAfter(source); disqus_identifier = identifier; //set the identifier argument disqus_url = url; //set the permalink argument //append the Disqus embed script to HTML var dsq = document.createElement('script'); dsq.type="text/javascript"; dsq.async = true; dsq.src="http://" + disqus_shortname + '.disqus.com/embed.js'; jQuery('head').append(dsq); } };*/ /*$('.disqusOn').live( "click", notify ); function notify() { identifier = $(this).attr('id'); dUrl = $(this).attr('disqus-url'); source = $(this).parent(); loadDisqus(jQuery(this), identifier, dUrl); }*/ function loadshare(curl){ history.replaceState('' ,'', curl); if(window.OBR){ window.OBR.extern.researchWidget(); } //console.log("loadshare Call->" + curl); //$('html head').find('title').text("main" + nxtTitle); if(_up == false){ var cu_url = curl; gtag('config', 'UA-2069755-1', {'page_path': cu_url }); if(window.COMSCORE){ window.COMSCORE.beacon({c1: "2", c2: "9254297"}); var e = Date.now(); $.ajax({ url: "/marathi/news/zscorecard.json?" + e, success: function(e) {} }) } //console.log('ga:'+r); /*(function () { var ga = document.createElement('script'); ga.type="text/javascript"; ga.async = true; ga.src = ('https:' == document.location.protocol ? 'https://' : 'http://') + 'stats.g.doubleclick.net/dc.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s); })();*/ //console.log("loadshare Call"); } } if(use_ajax==false) { //console.log('getting'); var view_selector="div.center-section"; // + settings.view_name; + '.view-display-id-' + settings.display; var content_selector = view_selector; // + settings.content_selector; var items_selector = content_selector + ' > div.rep-block'; // + settings.items_selector; var pager_selector="div.next-story-block > div.view-zn-article-mc-all-2017 > div.view-content > div.clearfix"; // + settings.pager_selector; var next_selector="div.next-story-block > div.view-zn-article-mc-all-2017 > div.view-content > div.clearfix > a:last"; // + settings.next_selector; var auto_selector="div.tag-block"; var img_location = view_selector + ' > div.rep-block:last'; var img_path="
Loading
"; //settings.img_path; //var img = '
' + img_path + '
'; var img = img_path; //$(pager_selector).hide(); //alert($(next_selector).attr('href')); var x = 0; var url=""; var prevLoc = window.location.pathname; var circle = ""; var myTimer = ""; var interval = 30; var angle = 0; var Inverval = ""; var angle_increment = 6; var handle = $.autopager({ appendTo: content_selector, content: items_selector, runscroll: maindiv, link: next_selector, autoLoad: false, page: 0, start: function(){ $(img_location).after(img); circle = $('.center-section').find('#green-halo'); myTimer = $('.center-section').find('#myTimer'); angle = 0; Inverval = setInterval(function (){ $(circle).attr("stroke-dasharray", angle + ", 20000"); //myTimer.innerHTML = parseInt(angle/360*100) + '%'; if (angle >= 360) { angle = 1; } angle += angle_increment; }.bind(this),interval); }, load: function(){ $('div.loading-block').remove(); clearInterval(Inverval); //$('.repeat-block > .row > div.main-rhs2428882').find('div.rhs2428882:first').clone().appendTo('.repeat-block >.row > div.main-rhs' + x); $('div.rep-block > div.main-rhs2428882 > div:first').clone().appendTo('div.rep-block > div.main-rhs' + x); $('.center-section >.row:last').before('

Next Story

'); //$(".main-rhs" + x).theiaStickySidebar(); var fb_script=document.createElement('script'); fb_script.text= "(function(d, s, id) {var js, fjs = d.getElementsByTagName(s)[0];if (d.getElementById(id)) return;js = d.createElement(s); js.id = id;js.src="https://connect.facebook.net/en_GB/sdk.js#xfbml=1&version=v2.9";fjs.parentNode.insertBefore(js, fjs);}(document, 'script', 'facebook-jssdk'));"; var fmain = $(".sr"+ x); //alert(x+ "-" + url); var fdiv = '
'; //$(fb_script).appendTo(fmain); $(fdiv).appendTo(fmain); FB.XFBML.parse(); var $dfpAd = $('.center-section').children().find("#ad-"+ x); xp = "#star"+x; //var $dfpAdrhs = $('.main-rhs' + x).children().find('.adATF').empty().attr("id", "ad-300-" + x); //$('.content-area > .main-article > .row > .main-rhs'+x).find('#ad-300-' + x); //var $dfpAdrhs2 = $('.main-rhs' + x).children().find('.adBTF').empty().attr("id", "ad-300-2-" + x);//$('.content-area > .main-article > .row > .main-rhs'+x).find('#ad-300-2-' + x); //var $dfpMiddleAd = $('.content-area > .main-article > .row').find('#ar'+x).find('#ad-middle-' + x).empty(); //fillElementWithAd($dfpAdrhs, '/11440465/Zeenews_English_Web/Zeenews_English_AS_ATF_300x250', [[300, 250], [300, 600]], {}); //fillElementWithAd($dfpAdrhs2, '/11440465/Zeenews_English_Web/Zeenews_English_AS_BTF_1_300x250', [300, 250], {}); //fillElementWithAd($dfpMiddleAd, '/11440465/Zeenews_Hindi_Article_Middle_300x250_BTF', [300, 250], {}); var instagram_script=document.createElement('script'); instagram_script.defer="defer"; instagram_script.async="async"; instagram_script.src="https://platform.instagram.com/en_US/embeds.js"; /*var outbrain_script=document.createElement('script'); outbrain_script.type="text/javascript"; outbrain_script.async="async"; outbrain_script.src="https://widgets.outbrain.com/outbrain.js"; var Omain = $("#outbrain-"+ x); //alert(Omain + "--" + $(Omain).length); $(Omain).after(outbrain_script); var rhs = $('.main-article > .row > div.article-right-part > div.rhs2428882:first').clone(); $(rhs).find('.ad-one').attr("id", "ad-300-" + x).empty(); $(rhs).find('.ad-two').attr("id", "ad-300-2-" + x).empty(); //$('.main-article > .row > div.article-right-part > div.rhs2428882:first').clone().appendTo('.main-article > .row > div.main-rhs' + x); $(rhs).appendTo('.main-article > .row > div.main-rhs' + x); */ setTimeout(function(){ var twit = $("div.field-name-body").find('blockquote[class^="twitter"]').length; var insta = $("div.field-name-body").find('blockquote[class^="instagram"]').length; if(twit==0){twit = ($("div.field-name-body").find('twitterwidget[class^="twitter"]').length);} if(twit>0){ if (typeof (twttr) != 'undefined') { twttr.widgets.load(); } else { $.getScript('https://platform.twitter.com/widgets.js'); } //$(twit).addClass('tfmargin'); } if(insta>0){ $('.content > .left-block:last').after(instagram_script); //$(insta).addClass('tfmargin'); window.instgrm.Embeds.process(); } }, 1500); } }); /*$("#loadmore").click(function(){ x=$(next_selector).attr('id'); var url = $(next_selector).attr('href'); disqus_identifier="ZNH" + x; disqus_url = url; handle.autopager('load'); history.pushState('' ,'', url); setTimeout(function(){ //twttr.widgets.load(); //loadDisqus(jQuery(this), disqus_identifier, disqus_url); }, 6000); });*/ /*$("button[id^='mf']").live("click", disqusToggle); function disqusToggle() { console.log("Main id: " + $(this).attr('id')); }*/ $(document).delegate("button[id^='mf']", "click", function(){ fbcontainer=""; fbid = '#' + $(this).attr('id'); var sr = fbid.replace("#mf", ".sr"); //console.log("Main id: " + $(this).attr('id') + "Goodbye!jQuery 1.4.3+" + sr); $(fbid).parent().children(sr).toggle(); fbcontainer = $(fbid).parent().children(sr).children(".fb-comments").attr("id"); //console.log(fbcontainer); //var commentsContainer = document.getElementById(fbcontainer); //commentsContainer.innerHTML = ''; }); /************Player Code ***********/ var title, imageUrl, description, author, shortName, identifier, timestamp, summary, newsID, nextnews; var previousScroll = 0; //console.log("prevLoc" + prevLoc); $(window).scroll(function(){ var last = $(auto_selector).filter(':last'); var lastHeight = last.offset().top ; //st = $(layout).scrollTop(); //console.log("st:" + st); var currentScroll = $(this).scrollTop(); if (currentScroll > previousScroll){ _up = false; } else { _up = true; } previousScroll = currentScroll; //console.log("_up" + _up); var cutoff = $(window).scrollTop() + 64; //console.log(cutoff + "**"); $('div[id^="row"]').each(function(){ //console.log("article" + $(this).children().find('.left-block').attr("id") + $(this).children().find('.left-block').attr('data-url')); if($(this).offset().top + $(this).height() > cutoff){ //console.log("$$" + $(this).children().find('.left-block').attr('data-url')); if(prevLoc != $(this).children().find('.left-block').attr('data-url')){ prevLoc = $(this).children().find('.left-block').attr('data-url'); $('html head').find('title').text($(this).children().find('.left-block').attr('data-title')); $('meta[name=description]').attr("content",$(this).children().find('.left-block').attr('data-summary')); $('meta[name=keywords]').attr("content",$(this).children().find('.left-block').attr('data-keyword')); $('meta[name=news_keywords]').attr("content",$(this).children().find('.left-block').attr('data-keyword')); pSUPERFLY.virtualPage(prevLoc,$(this).children().find('.left-block').attr('data-title')); //console.log("Summary: " + $(this).children().find('.left-block').attr('data-summary')); //console.log("Keyword: " + $(this).children().find('.left-block').attr('data-keyword')); //history.pushState('' ,'', prevLoc); loadshare(prevLoc); } return false; // stops the iteration after the first one on screen } }); if(lastHeight + last.height() < $(document).scrollTop() + $(window).height()){ //console.log("**get"); url = $(next_selector).attr('href'); x=$(next_selector).attr('id'); //console.log("x:" + x); //handle.autopager('load'); /*setTimeout(function(){ //twttr.widgets.load(); //loadDisqus(jQuery(this), disqus_identifier, disqus_url); }, 6000);*/ } //lastoff = last.offset(); //console.log("**" + lastoff + "**"); }); //$( ".content-area" ).click(function(event) { // console.log(event.target.nodeName); //}); /*$( ".comment-button" ).live("click", disqusToggle); function disqusToggle() { var id = $(this).attr("id"); $("#disqus_thread1" + id).toggle(); };*/ //$(".main-rhs2428882").theiaStickySidebar(); var prev_content_height = $(content_selector).height(); //$(function() { var layout = $(content_selector); var st = 0; ///}); } } }); /*} };*/ })(jQuery); ,