Income Tax Savings: There is still time to save tax for this financial year. Do you know that with the right strategy and investment, you can save up to Rs 8 lakh of your income as tax (How to save tax)? These 10 superhit ways to save tax will not only give you an opportunity to save money, but will also help you in financial planning.
Discount on loan for electric vehicles
If you have taken a loan to buy an electric vehicle, then you can avail tax exemption of up to ₹ 1.5 lakh under section 80EEB. This exemption applies to loans taken before March 31, 2023.
Unlimited tax exemption on interest on education loan
Unlimited tax deduction is available on interest on education loan. This exemption is available for the next 8 years from the year in which the loan is repaid. Loans for two children can also be claimed simultaneously.
Tax exemption on medical treatment
Claim tax exemption up to ₹40,000 (up to ₹1 lakh for senior citizens) under section 80DDB on treatment of specified illnesses.
National Pension Scheme (NPS)
Get additional deduction of up to ₹50,000 under section 80CCD (1B) by investing in NPS. If the employer is the Central Government, then you can claim contribution up to 14%.
Health insurance premium
Get tax exemption of ₹25,000 to ₹50,000 on health insurance policies for yourself, spouse, children and parents. Additional benefit of up to ₹5,000 is also available on health checkup.
Treatment expenses of disabled dependents
If your dependents are disabled, claim tax exemption of ₹75,000 to ₹1.25 lakh under section 80DD.
Save tax with home loan
Get up to ₹1.5 lakh deduction on home loan principal under section 80C and up to ₹2 lakh on interest under section 24(b).
House Rent Allowance (HRA)
If there is no HRA in the salary, then get tax exemption on rent under section 80GG. But, if you have claimed a home loan, then you will not get exemption in it.
Investment in LIC, EPF and PPF
Save up to ₹1.5 lakh on LIC premium, EPF, PPF and children’s tuition fees under 80C.
ELSS Mutual Fund
Enjoy tax benefits up to ₹1.5 lakh through SIP in Equity Linked Savings Scheme (ELSS).
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