INCOME TAX
WAYS TO SAVE MONEY ON YOUR INCOME
Published By Livemint
| 03 Feb, 2023
Here's a list ways you can claim deductions on your income tax
Investment up to ₹1.5 lakh in ELSS mutual funds is exempted from tax under Section 80 C
Additionally, returns up to ₹1 lakh is exempted from tax and the amount exceeding this limit is taxed at 10%
Claim deductions upto ₹25,000 under Section 80 D of the Income Tax Act
Invest upto ₹30 lakh in Senior citizen savings scheme and avail deductions under Section 80 C
Open an account in Sukanya Samridhi Yojana for girl child under 10 years of age to claim Section 80 C deductions
Claim HRA exemption if you are a salaried employee.
Claim exemption for deduction on your home loan interest payments
Claim deductions for interest paid on education loans taken out for yourself under section 80 E