10 Best Ways to Save Income Tax Easily

Orange Lightning

Navigate tax savings is like an artist to invest smartly, embrace deductions, dance with allowances. Craft a canvas of fiscal brilliance effortlessly.

1

Invest in Section 80C

Allocate yourInvestments in tax saving options like (PPF),(ELSS), (NSC), and  (EPF).

2

National Pension Scheme (NPS)

Contribute to the NPS to avail deductions under Section 80CCD(1) and 80CCD(2).

3

Health Insurance Premium

Purchase health insurance for yourself and your family. The premium paid is eligible for deductions under Section 80D.

4

Home Loan Repayment

Repay your home loan, and claim deductions on both principal (Section 80C) and interest (Section 24).

5

Education Loan Interest

If you have an education loan, the interest paid qualifies for deductions under Section 80E.

6

Donations  Charitable Institutions

Contributions made to recognized charitable organizations are eligible for deductions under Section 80G.

7

HRA (House Rent Allowance)

If you are living in a rented house, you can claim HRA exemptions. Ensure you have the necessary rent receipts.

8

Professional Tax

Salaried individuals can benefit from the standard deduction available under Section 16.

9

Tax-saving Fixed Deposits

Invest in tax-saving fixed deposits with banks which offer deductions under Section 80C.

10

Utilize Tax Slabs

Check for rebates available, such as the rebate under Section 87A for individuals with income up to a specified limit.