There are several ways to save income tax through deductions and exemptions related to the points below: 1. Health Insurance: It allows taxpayers to claim deductions on the premium paid towards health insurance policies under Section 80D of the ITA. The amount of deduction allowed depends on the age and type.2. Charity: It can help save income tax in India under Section 80G of the ITA. This allows taxpayers to claim a deduction on the amount donated to eligible charitable organizations and trusts.3. PPF and National Pension Scheme:PPF is a government-backed savings scheme that offers tax benefits under Section 80C of ITA. The contributions made to PPF accounts can be claimed up to a limit of Rs. 1.5 lakh per financial year. NPS is a retirement-focused investment scheme that offers tax benefits under Section 80C of the ITA. The contributions made towards NPS can be up to a limit of Rs. 2 lakh per financial year.4. FD: Fixed deposit with a tenure of at least five years is eligible for a deduction under Section 80C of the ITA, up to a maximum limit of Rs. 1.5 lakh per year. Section 80C also includes ULIP and ELSSULIPs offer tax benefits under Section 80C of the ITA, which allows the policyholder to claim tax deduction on the premium paid up to a maximum of Rs. 1.5 lakh per year.ELSS investments are eligible for a deduction under Section 80C of the Income Tax Act, up to a maximum limit of Rs. 1.5 lakh per year..... #smc #smcfinance #smcglobal #savetax #financialyear #financegoals
Posted On: 29 Mar 2023 10:01 PM
