You can plan to maximize your tax savings and reduce income tax liability by availing the benefit of provisions relating to deductions/exemptions from taxable income under various sections of Income Tax Act.
How to Pay No Tax on aggregate Income of ₹ 7,75,000/- ? View details
If investments are properly made, a resident individual assessee aged below 60 years having income of ₹ 8,15,000/-
from salary or Rs. 7,75,000/- from business or profession / other sources including saving bank interest of ₹ 10,000 and living in house / flat acquired with borrowed funds will not be required to pay tax. The exempted income will be more in case of senior and very senior citizens and assessees eligible for other deductions available.
Income from salary (Net of Standard Deduction) / Business or Profession / Other Sources
Less : Interest on funds borrowed for aquiring the house property
Gross Total income
Less : Deduction available under Sec. 80C
Less : Deduction u/s 80CCD(1B) (Contribution to NPS scheme)
Less : Deduction u/s 80D for medical insurance of self / family
Less : Deduction u/s 80D for medical insurance of parents (presumed that the parents are senior citizen)
Less : Deduction u/s 80TTA for Saving account interest