Be it taxes on salary, bonus or business income, nobody likes paying a part of their income to govt. So, here are some of the ways through which you can save your taxes⤵️
▣ Interest on Savings Account:
Section: 80TTA
Interest on savings accounts held in post offices, banks, etc is taxable under “income frm other sources”, but no TDS is deducted.
The max of Rs 10k can be claimed as a deduction.
Section: 80TTA
Interest on savings accounts held in post offices, banks, etc is taxable under “income frm other sources”, but no TDS is deducted.
The max of Rs 10k can be claimed as a deduction.
However, it is crucial to note u can not open as many savings accounts to claim the deduction. It includes all the interests earned from all the savings accounts combined. The deduction is available to individuals and HUFs
▣ National Pension Scheme(NPS)
Section: 80CCD(1B)
NPS is an amazing option for tax saving as we as retirement. If you want to save over and above 80c, this scheme is for you.
Section: 80CCD(1B)
NPS is an amazing option for tax saving as we as retirement. If you want to save over and above 80c, this scheme is for you.
▣ House Rent Allowance
Section: 10(3A) or 80GG
If you live in a rented home, u can avail an exemption on payment of tax. If u do not live in a rented apartment, u may skip this part.
Section: 10(3A) or 80GG
If you live in a rented home, u can avail an exemption on payment of tax. If u do not live in a rented apartment, u may skip this part.
▣ Home Loans
Section: 24B
If u have housing loan, you have these benefits:
Interest: Whatever interest you pay for the loan, you can claim tax deduction fr up to Rs 2 lac under section 24.
Also, the EMI paid against loan is tax deductible under sec 80c fr up to Rs 1.5 lac
Section: 24B
If u have housing loan, you have these benefits:
Interest: Whatever interest you pay for the loan, you can claim tax deduction fr up to Rs 2 lac under section 24.
Also, the EMI paid against loan is tax deductible under sec 80c fr up to Rs 1.5 lac
▣ Health Insurance Premium:
Section: 80D
Getting yourself & your family members health insurance is no longer an option in times of rising inflation.
The benefit of tax deduction is available for health insurance paid for self, children, spouse & parents.
Section: 80D
Getting yourself & your family members health insurance is no longer an option in times of rising inflation.
The benefit of tax deduction is available for health insurance paid for self, children, spouse & parents.
▣ Treatment of specified diseases
Section: 80DDB
If you are going through a specified disease & getting an expensive treatment, a deduction on tax liability can be claimed while filing ITR.
Section: 80DDB
If you are going through a specified disease & getting an expensive treatment, a deduction on tax liability can be claimed while filing ITR.
The deduction limit can be upto Rs 40k or the actual amt paid, whichever is less. In case of dependents, it can go upto Rs 1lac.
▣ Charity/ Donation
Section: 80G, 80GGA
Donating money is not only a good deed but also helps you save taxes.
If you wish to donate beyond Rs 2,000, you’re only eligible for such deduction if you make donations through ways other than cash like cheque.
Section: 80G, 80GGA
Donating money is not only a good deed but also helps you save taxes.
If you wish to donate beyond Rs 2,000, you’re only eligible for such deduction if you make donations through ways other than cash like cheque.
▣ Section 80c
We have kept this last since almost everyone is aware of it. Under this section you can avail tax deduction of upto Rs 1.5lakhs. The investment options are:
ELSS Funds
FDs
NPS
ULIPs
Sukanya Samriddhi Yojana
NSC
Insurance
PPF, etc
We have kept this last since almost everyone is aware of it. Under this section you can avail tax deduction of upto Rs 1.5lakhs. The investment options are:
ELSS Funds
FDs
NPS
ULIPs
Sukanya Samriddhi Yojana
NSC
Insurance
PPF, etc
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Also, follow @Finology_Quest for much such content. We mostly post on:
1. Personal Finance
2. Company/Industry Analysis
3. Financial Concepts
Also, follow @Finology_Quest for much such content. We mostly post on:
1. Personal Finance
2. Company/Industry Analysis
3. Financial Concepts
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