10 Ways To Save Taxes For Salaried Persons

Zee Media Bureau
Jan 10, 2024

Disclaimer

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.

Education Loan Interest

If you have taken an education loan for higher studies, the interest paid on the loan is eligible for deduction under Section 80E.

Donation To Charitable Organizations

Donations made to eligible charitable organizations are eligible for deductions under Section 80G. Ensure that you contribute to recognized and approved charities.

Home Loan Interest

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.

Health Insurance Premiums

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.

Utilize Section 80C

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.

Invest In Provident Fund

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.

National Pension System (NPS)

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.

House Rent Allowance (HRA)

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.

Savings Account Interest

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.

Tax-saving Fixed Deposits

Certain fixed deposits have a lock-in period and offer tax benefits under Section 80C. Invest in these deposits to save on taxes.

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