save income tax

Save income tax: Introduction

Are you ready to save income tax this year? Well if you are not. Then, Let me tell you that every year, a large portion of your hard earned money is cut into taxes. Unfortunately, you don’t know how to escape from it? Well, In this article, We are telling you the easiest and best way to how to do this? So give it a read.

Education loan

If you have taken an education loan for education then you can save tax under Section 80E. But if you have taken a loan for studying abroad, you will not get the benefit. If the person taking the loan is a gazetted officer and belongs to the Government of India, then he will not get the benefit.

Below we are providing you the list of Schemes and Sections under which you can save Income tax.

List of Plans to Save Income tax

Pension Plans

You can save some amounts of tax deduction through pension plans. Many insurer pension plans are available from the Insurance Regulatory and Development Authority of India (IRDAI). You can claim the deduction of up to Rs 1.5 lakh under all sections 80CCC of the IT Act.

Saving Scheme

Taxes can also be saved from the schemes like Sukanya Samridhi Yojna, National Pension Scheme as well as different types of savings schemes run by the government. Prime Minister Modi launched the Sukanya Samridhi Yojna in 2015. The purpose of implementing this scheme was to save the girl child. Let me tell you that if you do a minimum investment of 1 thousand rupees per year, then under 80C, you can claim up to 1.5 lakhs.

Medical Insurance

Under Section 80D of the Income Tax Act, you can claim a deduction limit of up to Rs 25 thousand. There is a provision that If someone is paying the medical insurance premium for their parents, then they can claim Rs. 30,000 for it. But remember the total amount should not exceed 30 thousand rupees.

Life Insurance

Life Insurance policy does not only secure your future but also protects your tax. An insurer can get an insurance policy from the Insurance Regulatory and Development Authority of India (IRDAI). You get tax benefits under section 80C. You can claim the maximum amount of up to Rs 1.5 lakh in the amount.

Fill out your taxes at Income-tax of India official website.

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