Income New Update: If the income is good then people have to pay tax on it also. However, there are some ways through which tax saving can be done. Let us know about it…
Income Tax Saving: Anyone in the country who is earning more than the income mentioned in the tax slab, has to pay tax. Many development related schemes are run by the government through taxes. However, the government also provides many tax saving options to the people, through which people can save tax. If people file income tax returns according to the old tax regime, then tax saving can be done. In such a situation, let us know about those options which can prove effective in tax saving.
Home Loan- If people have taken a home loan, then tax saving can also be done on it. Home loan is an important way of tax saving. After taking a home loan, tax saving can be done on the principal amount and interest being paid.
80C- Tax can also be saved under 80C through Income Tax Act. Under this, a maximum tax of Rs 1.5 lakh can be saved in a year. Tax saving can be done under 80C through life insurance premium, PPF, PF, NPS, ELSS etc.
Medical Insurance- In today’s era, people also keep medical insurance. People can also save tax through medical insurance. If people get medical insurance for themselves or their parents, then tax can be saved on it while filing ITR.
Education Loan- The trend of education loan has increased a lot in the recent past. If someone has taken an education loan, then tax can be saved on it. While filing ITR, tax saving can be done under 80E under education loan.
