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Tax Saving Tips: During Budget 2023, Nirmala Sitharaman has reduced the tax limit to Rs 7 lakh under the new tax regime, giving relief to the middle class. However, if you pay tax under the old tax regime, then you will need to deduct. Under Section 80C of Income Tax (Tax Saving under Section 80C), an annual exemption of up to Rs 1.5 lakh is given, about which most people are aware.
Apart from Section 80C of Income Tax, there are some other options, under which you can save tax of lakhs of rupees. Let us know which are those five options.
National Pension Scheme
If you invest under the NPS scheme, you can save tax up to Rs 50,000 under section 80CCD (1B). This means that if your annual income tax comes in excess of Rs 50,000, then you can take a deduction of Rs 50,000 under it.
health insurance premium
Under Section 80D of Income Tax, you can get tax exemption on the premium paid for health insurance. From 25 thousand to you can get tax exemption up to Rs 1 lakh. Taxpayers below the age of 60 years can claim tax rebate on premium of Rs 25,000. Apart from this, tax exemption of 25 thousand rupees can also be taken in the name of the parent.
tax exemption on home loan
If you have taken a home loan to buy or construct a house, you can avail tax exemption of up to Rs 2 lakh. Although this house should be for self use.
Rebate on interest on savings account
Under Section 80TTA of Income Tax, depositors in a savings account can claim tax exemption on annual interest of Rs 10,000. It is available for savings accounts of all banks. On the other hand, for senior citizens having multiple savings accounts, the non-taxable amount under 80TTB is Rs 50,000.
Exemption on donation to Charitable Institute
You can claim exemption on charitable amount under section 80CCC of income tax. You can claim tax exemption on the amount above Rs 200.
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