🅾️ 0 INCOME TAX Upto 10 LAKH INCOME | Interim Budget | Financial News

So, finance minister Piyush Goyal has announced this year’s Interim Budget. And in that, there is a good news for you guys related to the income charge. One such news, that as soon as it was announced there was a huge round of applause in the parliament. And because of that there was a lot of disarray. People with an income of Rs 5,00, 000 won’t have to pay income tax, Such distraction has been created in the minds of beings. In today’s video, we’ll clear that distraction, and we’ll likewise tell you that not only Rs 5,00, 000, but even on an income of Rs 10,00, 000 you won’t get paid any taxation, if you will carefully watch the information is given in this video.My name is Mandeep, you are watching Labour Law Advisor. And subscribing to our canal and pulping the bell icon will prove to be very helpful for you because we frequently post such important videos.[ Intro Music] Firstly, I’ll tell you about the income tax slab. For individuals who are below the age of 60 If their income is up to Rs 2,50, 000 then they don’t have to pay any tax. Then the income from Rs 2,50, 000 to Rs 5,00, 000 on that you have to pay 5% duty. The income from Rs 5,00, 000 to Rs 10,00, 000, on that you have to pay 20% imposition. And for the income above Rs 10,00, 000 on that, you have to pay 30% taxation and some type of cess as well. So since yesterday, there is a confusion being created in the minds of a lot of beings that now the tax slab of Rs 2,50, 000 has been increased to Rs 5,00, 000. That is not true. Here i am 0 levy on income of Rs 5,00, 000. this statement is completely wrong. However, it is possible to calculate 0 excise on an income of Rs 5,00, 000, even on an income of Rs 10, 00,000 you can totally save your duty. You don’t have to pay anything.Now how is that possible let’s conducted an investigation into it. So, the primary convert has been offset in division 87 A of income tax In which previously it was written that The person whose income is up to Rs 3,00, 000 will get a tax rebate of Rs 2,500 The interesting thing is that when there is an income of Rs 3,00, 000, the tax that one needed to pay was Rs 2,500 and they also got a rebate of Rs 2,500. That symbolizes the people with an income of Rs 3,00, 000 didn’t have to pay tax. After determining changes in section 87 A, its rebate has been increased from Rs 2,500 to Rs 12,500 and the limit of income has been increased from Rs 3,00, 000 to Rs 5,00, 000 That entails if your income is Rs 5,00, 000, By income, I want Taxable Income, The income on which the tax should be imposed If that income is up to Rs 5,00, 000 Then you’ll get a rebate of Rs 12,500 on your duty payable sum. And the tax that you have to pay on an income of Rs 5,00, 000 is also Rs 12,500 This means that the tax that you had to pay, you’ll get the same amount of rebate on it.And for that reason you won’t be paying any tariff, if your taxable income is upto Rs 5,00, 000. So , now you got it that you won’t have to pay tax for an income of Rs 5,00, 000, and well concluded possible without making any changes in the tax slab. Even today the tax slab is Rs 2,50, 000, Rs 5,00, 000, Rs 10,00, 000. Even then you can get this bonu. Now let’s understand how with an income of Rs 10,00, 000 you can pay 0 duty by taking the benefits of some reductions. So, first of all, I’ll talk about the individuals whose age is less than 60, Such people can easily claim reductions of Rs 4,75, 000 on an income of Rs 9,75, 000 and can be demonstrated their taxable income as Rs 5,00, 000 and on Rs 5,00, 000 they’ll get a rebate of Rs 12,500 and in the end the tax payable will be zero The first deduction that will be deducted from your income is standard deduction that was Rs 40,000 until now. But in this budget, it has been increased to Rs 50,000. That signifies a standard deduction of Rs 50,000 will be deducted from your taxable income. This standard thinking is under section 16 subsection IA. After this quite a big deduction comes under section 80 C. You must have seen in our previous videos, where we have told you about such intrigues if you invest in such intrigues then you can get a deduction of Rs 1,50, 000 from your income. This comes under section 80 C These schemes are PPF, PF, Tax Saving Mutual Funds, ULIPs, Tuition fee of 2 children, 5 year FDs or your home loan’s principle amount if you pay this then you can get a deduction of Rs 1,50, 000. But bearing in mind that you can get a ended subtraction of Rs 1,50, 000 for the purposes of section 80 C. That means you won’t get Rs 1,50, 000 for each one of these. Now let’s believed that you are paying EMI of your home loan, so the interest you have paid on your home equity loan for a year, you can get maximum deduction of Rs 2,00, 000 that will be deducted from your income, You won’t have to pay tax on it.You get this deduction for the purposes of section 24 subsection B. After that friends, if you have opened an history in NPS, and you contribute every month in NPS then you’ll get a deduction of Rs 50,000 as well under section 80 CCD and the last thinking is under section 80 D. If you have a medi pretension policy which is also known as health insurance. The fee that you pay for it you can get a deduction of Rs 25,000 from your income through this. So when you subtract all these things from your income then your taxable income left is only Rs 5,00, 000. Let’s consider that you have earned Rs 9,75, 000 from that you get a deduction of Rs 4,75, 000 And your taxable income is Rs 5,00, 000. The charge on Rs 5,00, 000 income is Rs 12,500 and you’ll get a rebate of Rs 12,500 under section 87 A. And in this way your total taxation payable is 0 There are a few more thinkings that are not applicable to all people but if they apply to you, then you can enjoy their benefit as well. Like if you live on rent then you get a deduction on hire In that, there are 3 sums You get a deduction onthe least amount.Full information is givenin the description. After reading that you can find out that what sum of subtraction you can get on house rent. Similarly, leave excursion allow is a different type of deduction that is helpful for government employees who are provided with leave hasten allow from their companies. But in this, the condition is that you can only go on vacation twice in 4 years, and without going on a trip you cannot claim that deduction. You will have to go on a vacation and spend money and after that you need to furnish proof, only then you’ll get a deduction on leave travel allowance.This too has some more healths, the information about which is provided in the description you can calculate that whether or not you can take leave allowance deduction this year. Similarly, if you have made an educational loan then you can also take a deduction every year for a maximum of 8 years according to the amount of interest you offer. Other than this there are thinkings for uppercase amplifications If for selling a house you get a profit of up to Rs 2 Crore and you have used up that profit in the construction of another live, then too you can get it’s ended deduction.Until now it was only limited to 1 live. If you would use the profit for the construction of another mansion, then you would get a rebate. But if you used up the profit in construction of more than 1 lives then you are able to get a rebate for only one home. But now that rebate is applicable for 2 mansions. And if you have earned a profit of more than 2 crores after selling the house then you’ll merely get rebate of the amount that you have used up in the building of 1 room. You can avail this benefit only once in your lifetime. In the description, you’ll get details of all the exemptions, if which applies in you then you can definitely avail them. Now let’s talk about senior citizen. So, in the case of senior citizens, the premium of your medi say that I discussed above in which you get a rebate of Rs 25,000. In the case of senior citizens they get a premium deduction of Rs 50,000 So, with this they can earn Rs 10,00, 000. and they won’t have to pay any charge if they avail these discussed reasonings. In our country, the income of about 70% people is up to Rs 5,00, 000. So this is a good news for about 70% beings I hope that after watching this video your confusion might have been cleared about all these things and if you want to watch more such useful videos then is committed to our direct and press the bell icon. We’ll meet you very soon in a new video. Jai Hind! Jai Bharat![ Outro Music ].

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