WebJan 19, 2024 · There is a host of entire legitimate ways of saving tax under the Income Tax Act, 1961. These include tax-saving mutual funds, NPS, insurance premiums, medical insurance and many others. In this article, we cover all the major tax deductions under the Income Tax Act: Get FREE Credit Report from Multiple Credit Bureaus Check Now 1. WebSection 80C. U/s 80C, you are able to reduce Rs.1,50,000 from your taxable income. This income tax exemption is allowed to HUF members as well as non-HUF members. A maximum of Rs.1,50,000 can be asserted for the financial year 2024-2024, 2024-2024 each.
5 Savings Accounts That Give You Big Tax Breaks
WebJan 14, 2024 · By investing in tax-saving instruments under both Section 80C and Section 80D of the Income Tax Act, you can avail the maximum tax rebate on your total taxable … WebDec 18, 2024 · Other Tax Saving options beyond Sec 80C. Medical insurance premium to be claimed at Rs. 50,000. (Rs 25000 for self … example of logos rhetorical device
Best tax-saving options: Comparison, ranking of top 10 …
WebIt is available under both old and new income tax regimes. The aggregate income tax deduction limit under sections 80C, 80CCC and 80CCD (1) is Rs.1.50 Lakh and an additional deduction of Rs.50,000 is available under section 80CCD (1B). … WebJul 9, 2024 · Section 80CCC deals with deductions that can be availed for contributions made towards annuity plans, pension plans eligible under Section 10 (23AAB). Section 80CCD only pertains to deductions for the two plans offered by the Government of India, namely the National Pension Scheme (NPS) and Atal Pension Yojana (APY). Summing Up WebJan 18, 2024 · Tax-saving FDs: 2 stars Offer very low returns and income is fully taxable. But this is the easiest way to save tax if you don’t have time. Life insurance policies: 1 star The purpose of life insurance is protection, not saving tax. Tax saving is additional feature, not core benefit. brunswick county parks and rec soccer