Income Tax Saving Tips: There are options other than 80C, know now
[ad_1]
Income Tax Saving Tips: The month of March is half over. In such a situation, most taxpayers are looking for ways to save their income tax. Most people increase investments to save tax under Section 80C under the Income Tax Act 1961. But its limit is Rs 1.5 lakh. Even if you have crossed this limit, there is no need to worry. There are many more ways in which you can get exemption in the income tax section. However, to save income tax, you will have to take all measures before March 31, 2024. However, if you want, you can plan for the next financial year from now also.
Also Read: Diwali before Holi for one lakh LIC employees! Salary increased by 17 percent, know details
Health insurance will save money
Health insurance has become the biggest need of today’s times. This is very important to avoid the rising hospital expenses and burden of disease treatment. If you have not yet taken health insurance, take it today itself. Premium paid on health insurance can save your tax. Under Section 80D of Income Tax, you can claim tax deduction of up to Rs 25,000. However, for senior citizens, a tax rebate of Rs 50,000 is given under Section 80D.
Preventive Health Checkup Bill
If you get preventive health checkup done. So even with this bill, you can claim tax exemption. However, for this you will get a discount of only five thousand rupees.
NPS is also an option
Do you make any investments after your retirement? If not then invest in NPS. You can get a tax deduction of Rs 50 thousand under Section 80CCD of Income Tax on investment in National Pension Scheme. This is more than the discount available on 80C.
Section 80G is also an option
You can also get tax exemption under Section 80G of Income Tax. If you have donated to a fund notified by the Central Government, then you will be eligible for exemption under this section. However, this donation should not exceed 10 percent of your total income.
[ad_2]
Source link
