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How to Save Income Tax:

How to Save Income Tax:

Every one works hard to earn money, but Government takes one third of that amount  as Taxes.Every one thinks how to save Income Tax? Here We are giving different ways to save income tax.

How to save income tax & grow your money ?

1.Save Tax through Home Loan:

If you have taken a home loan, you are allowed to claim  deduction for repayment of principle amount of home loan    under section 80c and section 24.You can claim deduction up to  Rs 1.5 lakh for repayment of home loan  under the overall limit  of Section 80C of the Income Tax Act.And additional deduction  of up to Rs 1.5 lakh under Section 24B for interest payment once  you get ownership and occupy the home.

2. Save Tax through Educational Loan:

If a taxpayer has taken an education loan for the higher education of himself or children or student, he can claim deduction under Section 80E and he can save taxes.This deduction is only allowed for the repayment of interest not for the repayment of principal amount of loan.

3. Save Tax through Investments:

Section 80 C allows for expenditure incurred under certain heads or investments made to be deducted from the total income. 100% of the amount invested or Rs.1,50,000, whichever is less, is available as deduction from total income. Following are some of the options to invest your money under section 80c.

  • Life insurance  premium paid
  • Fixed Deposit for 5 years or more with Scheduled Bank.
  • Any sum deposited in a 10 year or 15 year account under the Post Office Savings Bank

4.Save Tax through  Long Term Capital Gains:

Profits or gains arising from transfer of a capital asset are called “Capital Gains” and are charged to tax under the head “Capital Gains”. For more information read  Capital Market and Security Laws 

5.Save Tax through The New Pension Scheme:
Ask your employer to provide you New Pension Scheme (NPS).  The employer’s contribution up to 10% of basic plus DA is eligible for deduction under Section 80CCE over and above the Rs 1.5 lakh limit.For more information read Insurance Products (Including Pension Products)

How to Save Income Tax:

Recommended Books:

How to Save Income Tax:

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