You can Pay Zero Tax on 10 Lakhs Income
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1. Rent paid - Rs. 8000 per month for 12 months = Rs. 1lakhs
2. Interest on loan (assumed) - Rs.80,000
3. As per trends, Employer has started included their NPS Part in CTC only. So, it should be deducted from Gross Salary - Rs.35,000
4. Employee is eligible for NPS deduction u/s 80CCD(1B) upto Rs. 50,000
5. Employee PF/ FD Investment etc. u/s 80C upto Rs. 1.5 lakhs and Employer PF u/s 80CCD(2) will be eligible for deduction.
6. U/s 80D, a person is eligible for Health insurance premium deductions up to Rs.25,000 for himself and Rs. 25,000 for his parents.
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