Income Tax Saving: If you know these ways to save income tax, you will save lakhs...

The month of March is considered very important from the point of view of tax saving. You can save lakhs by doing tax planning by the end of this month. In this article, we are going to tell you about 5 ways of tax saving.

80C
Under the old tax regime of income tax, a tax exemption of Rs 1.50 lakh is given under Section 80C. This exemption is valid for the Hindu Undivided Family (HUF) along with the general public. Apart from this, you can also avail the benefit of 80C by investing in schemes like PPF, and Sukanya Samriddhi Yojana.

  By increasing contribution to EPF
In EPF, you are given the option of voluntary contribution. You can save tax through this. Apart from this, you can get additional exemption in income tax by contributing equal to 10 percent of your salary in NPS.

Home loan tax exemption
If you have a home loan then you can get an exemption under income tax. Under Section 24B of the Income Tax Act, you can get an annual tax exemption of Rs 2 lakh on the interest paid on the home loan. Let us tell you, the exemption in home loans is given only under the old tax regime of income tax.

Health insurance discount
Under the old tax regime, you can claim exemption on health insurance premiums under Section 80D of Income Tax. According to the rules, any person can claim a maximum tax exemption of Rs 25,000 in a year on health insurance and up to Rs 50,000 in his ITR for taking health insurance for parents above 60 years of age.

Tax regime
You get the benefit of income tax exemption only under the old tax regime. In such a situation, if your income is up to Rs 10 lakh then it is better to choose the old tax regime. At the same time, if your income is more than this then the new tax regime may be a better option.

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