SUKANYA SAMRIDDHI YOJNA…….. Get Details
PPF……….Get Details
NPS(National Pension Scheme)……..Get Details
You can get more tax benefits by knowing and investing as per different tax deduction sections ion India that can help you reduce your tax liability. It’s important to consult with a financial advisor or tax professional before making any decisions ways in India:
- Section 80C Deductions: Under this section, you can claim deductions on investments up to ₹1.5 lakh in a financial year. Some eligible investments include:
- Principal repayment of home loan
- Employee Provident Fund(EPF)
2. Health Insurance Premium (Section 80D): Can claim deductions for the premium paid towards health insurance policies for yourself, your spouse, children, and parents.
3. Home Loan Interest (Section 24): Can claim deductions on the interest paid on home loans, subject to certain limits.
4. Donations (Section 80G): Donations made to charitable institutions and relief funds are eligible for deductions.
5. National Pension Scheme (NPS) (Section 80CCD): Contributions made to the NPS are eligible for tax deductions.
6. Interest on Education Loan (Section 80E): Interest paid on education loans can be claimed as deductions.
7. Tax-Saver Bank Fixed Deposits: Some banks offer fixed deposits with a lock-in period of 5 years, which qualify for tax deductions under Section 80C.
8. Senior Citizens Savings Scheme (SCSS): This scheme is available to individuals aged 60 years and above, providing regular interest income and tax benefits.
9. Housing Loan Repayment (Section 80EEA): Additional deduction for interest on home loans up to ₹1.5 lakh for affordable housing.
10. Startup Investments (Section 80-IAC): Deductions for investments in eligible startups.
11. Agricultural Income (Section 10(1): Agricultural income is exempt from income tax.
12. Leave Travel Allowance (LTA): Tax benefits are available for expenses incurred on travel within India for you and your family.
13. HRA (House Rent Allowance): If you are a salaried individual staying in rented accommodation, you can claim HRA exemptions.
14. Business Expenses: Business expenses incurred for running a business or profession are deductible from taxable income.
Note: Recollect what is happening is one of a kind, and the most reasonable tax saving methodology will rely upon your pay, financial objectives, and hazard resistance. It is advisable to consult a certified financial guide or specialist to plan your tax saving speculations successfully.