FM Nirmala Sitharaman on Income Tax Deduction: In this budget (Budget 2023), the government can make a big announcement regarding tax. Amidst all this, you can take advantage of tax exemption in many other ways. On behalf of Finance Minister Nirmala Sitharaman, a list has been issued that in what ways you can save your tax.
Income Tax Slab: Income Tax is an essential tax for everyone from middle class to upper class. In this budget (Budget 2023), the government can make a big announcement regarding tax. Apart from increasing the tax exemption limit, new income tax slabs can also be launched for taxpayers, but in the midst of all this, you can take advantage of tax exemption in many other ways. On behalf of Finance Minister Nirmala Sitharaman, a list has been issued that in what ways you can save your tax.
Let us tell you how you can save tax-
Rebate will be available on home loan
If you have also taken a loan from the bank for the construction of a house, then you will get an interest rebate of up to Rs 2 lakh in the monthly installment. Along with this, you will get the benefit of rebate on loans up to Rs 30,000 for home repairs. You will get this exemption under section 24B of Income Tax.
Rebate is available on NPS investment
Those investing in NPS get the benefit of exemption under section 80CCD (2D). This exemption is available to all tax slabs. You get a separate benefit under 80C on investing up to 10% of the basic salary.
Will get discount on interest
ITI also gets the benefit of exemption on interest received from deposits in post office or bank. If you are getting interest less than Rs 10,000, then you can get tax exemption on that too. At the same time, you have to pay tax on getting more than 10,000 interest.
Tax exemption will also be available on donations
Apart from this, you can also take advantage of tax exemption on donations. By donating to various funds notified by the government, you get the benefit of tax exemption on 100% of the amount. You get the benefit of this exemption under 80G.
Discount on health insurance
You also get tax exemption on health insurance premium. You can get income tax exemption on this amount. In this, you get the benefit of tax exemption on premium up to Rs 25,000. At the same time, if you can take advantage of a discount of up to Rs 30,000 on the insurance of senior citizens.
