Remember to consult with a tax professional to ensure that these tips apply to your specific financial situation and comply with the latest tax regulations.
If you have taken an education loan for higher studies, the interest paid on the loan is eligible for deduction under Section 80E.
Donations made to eligible charitable organizations are eligible for deductions under Section 80G. Ensure that you contribute to recognized and approved charities.
If you have a home loan, the interest you pay on it is eligible for deduction under Section 24(b) of the Income Tax Act. Additionally, the principal repayment qualifies for deduction under Section 80C.
Invest in a health insurance policy for yourself and your family. The premiums paid for health insurance policies are eligible for tax deductions under Section 80D.
Make the most of Section 80C by investing in eligible instruments like Public Provident Fund (PPF), National Savings Certificate (NSC), Equity-Linked Saving Schemes (ELSS), and more.
Contributing to the Employee Provident Fund (EPF) can help you save tax as it qualifies for deductions under Section 80C of the Income Tax Act.
Investing in the National Pension System qualifies for deductions under Section 80CCD(1). An additional deduction under Section 80CCD(1B) is available for contributions up to a certain limit.
If you are living in a rented house, you can claim HRA to reduce your taxable income. Make sure to provide the necessary rent receipts.
Interest earned on savings accounts is eligible for deduction up to a certain limit under Section 80TTA. Make sure to include this while calculating your taxable income.
Certain fixed deposits have a lock-in period and offer tax benefits under Section 80C. Invest in these deposits to save on taxes.