The income tax department gives you many different options to save tax! But, do you know how to save maximum income tax? If your income exceeds a basic exemption limit, you are liable to file an income tax return for the financial year regardless of the tax liability. But, you have various options to reduce your income tax liability, which are detailed below:
Section 10(5)
Travel with your family within India. Travel by road, rail or air. Save income tax of up to 32% of the travel cost!
Section 10(13A)
Stay in a premium accommodation with your family. Save income tax of up to 30% on your House Rent!
Section 80D
Purchase a premium medical insurance to secure your family. Save income tax of up to INR 30,000!
Section 80D
Purchase a premium medical insurance to secure your parents. Save income tax of up to INR 15,000!
Section 80E
Get income tax deduction on loan taken for higher education. Save income tax of up to 30% on the loan interest!
Section 80EEB
Help the environment by purchasing a new electric vehicle. Save income tax of up to INR 30,000 in a financial year!
Section 80G
Contribute to Relief Funds, NGOs and other charities. Save income tax of up to 30% on the contribution.
Section 80EEA
Purchase an affordable home worth 45 lakhs or less with a home loan. Save income tax of up to INR 1.5 lakhs in a Financial Year.
Section 24
Purchase a house property or land to construct a house; with a home loan. Save income tax of up to INR 1.05 lakhs in a Financial Year.
Section 80CCD
Invest in National Pension Scheme(NPS) and secure your future. Save income tax of up to INR 75000.
Section 10(14)
Get income tax exemption and deduction for children’s tuition fee and hostel fee. Save income tax of up to INR 47880.
To save maximum tax use all the possible options explained above. The Government of India is encouraging you to make savings and investments by giving you various options to save tax.
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