Want to save Income Tax, then ‘these’ solutions will help you; Taxes will also be saved along with the savings
How to save tax?
If you have pledged investment for tax savings, you have to fulfill it. With three months left for the financial year to start, government schemes will be perfect for last-minute investments. Among these you can invest in Public Provident Fund (PPF), National Pension Scheme (NPS) and Sukanya Samriddhi Yojana. In this government scheme you can claim tax exemption under income tax section 80C. Apart from this, you can also save tax on children’s education fees, provident fund (PF), life insurance premium, equity linked saving scheme, share of principal amount in home loan EMI.
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On the other hand, under Section 80D of Income Tax, an additional tax savings of Rs. 50,000 can be made on premiums of up to Rs. 25,000 for health insurance policies and up to Rs. But if you don’t have 1.5 lakh rupees for investment, the tax for the whole year will be deducted in the last three months.
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What to do if you get salary after tax deduction?
If you are unable to provide proof of your investment, it will be tax deductible. But if you complete the investment by 31st March after tax deduction, you can get refund by filing income tax return.
So let’s plan now to save tax and don’t wait for investment.