Navigate tax savings is like an artist to invest smartly, embrace deductions, dance with allowances. Craft a canvas of fiscal brilliance effortlessly.
1
Allocate yourInvestments in tax saving options like (PPF),(ELSS), (NSC), and (EPF).
2
Contribute to the NPS to avail deductions under Section 80CCD(1) and 80CCD(2).
3
Purchase health insurance for yourself and your family. The premium paid is eligible for deductions under Section 80D.
4
Repay your home loan, and claim deductions on both principal (Section 80C) and interest (Section 24).
5
If you have an education loan, the interest paid qualifies for deductions under Section 80E.
6
Contributions made to recognized charitable organizations are eligible for deductions under Section 80G.
7
If you are living in a rented house, you can claim HRA exemptions. Ensure you have the necessary rent receipts.
8
Salaried individuals can benefit from the standard deduction available under Section 16.
9
Invest in tax-saving fixed deposits with banks which offer deductions under Section 80C.
10
Check for rebates available, such as the rebate under Section 87A for individuals with income up to a specified limit.