Income Tax Saving: There is important news for the people who come under the ambit of income tax. In this financial year, they can get the benefit of tax exemption till 31 March. Most of the people are aware of the tax exemption available under Section 80C of Income Tax. Under this, a discount of up to Rs 1.5 lakh can be availed. But, apart from this, there are some options, with the help of which additional tax exemption of up to Rs 1 lakh can be availed.
New Delhi: Income Tax Saving: There is important news for the people who come under the ambit of income tax. In this financial year, they can get the benefit of tax exemption till 31 March. Most of the people are aware of the tax exemption available under Section 80C of Income Tax. Under this, a discount of up to Rs 1.5 lakh can be availed. But, apart from this, there are some options, with the help of which additional tax exemption can be availed.
Actually, income tax exemption can be availed under the old tax system. Apart from 80C, you can avail tax exemption through these options:
Take advantage under 80D
If you have taken health insurance for yourself or your parents and deposit its premium yourself, then you can get tax exemption of Rs 25 thousand to Rs 1 lakh under section 80D of income tax. can be achieved.
Invest in the National Pension Scheme
National Pension Scheme (NPS) is a government scheme, in which a maximum of Rs 1.5 lakh can be deposited annually. If you invest in this scheme, you can avail additional tax exemption of up to Rs 50,000 under section 80CCD (1B) of Income Tax.
You can take a discount of up to 10 thousand in interest, a
discount of up to 10 thousand rupees can be taken under section 80TTA of income tax on the interest received on deposits in a financial year. At the same time, senior citizens get a rebate of up to Rs 50,000 under 80TTA.
Tax exemption is also available under 80CCC Those
who donate to charitable organizations can take advantage of tax exemption under section 80CCC of income tax. Tax exemption of up to 2 thousand can be claimed on cash donation, while more tax exemption can be claimed on donation by check.
Can also avail tax exemption on home loan Tax
exemption can be availed on the interest rate deposited for home loan in a financial year. It can be up to a maximum of two lakh rupees. This exemption is available under section 24B of Income Tax.
