Going by the Budget 2019 proposals, a salaried individual with gross total income up to Rs 7.75 lakh can invest in various tax saving avenues and avail of different deductions to reduce taxable income to Rs 5 lakh and consequently pay no tax for FY2019-20. Such a person would be saving tax of Rs 15080 compared to tax payable in current FY 2018-19, according to EY analysis.
Here’s how. Say your gross total income for FY 2019-20 is Rs 7.75 lakh.
First, you can claim standard deduction ..