Who wouldn't want to save tax?
Who wouldn't want to save tax?
You will also try to save tax in different ways. It is quite common to try to save tax by investing in them. Most people make this investment to protect the future as part of their financial planning.
At the same time, people almost always focus on taking tax benefits under section 80C. But do you know that there are many sections under which it is possible to save income tax.
We tell you 5 such special options, through which you can save tax up to Rs 1.5 lakh. Health insurance premium comes first among them.
If you are paying health insurance premium, then claim tax deduction under section 80D. An amount of Rs 25,000 is eligible for tax break, while in case of senior citizens it increases to Rs 30,000.
The exemption limit under this section has been set at only Rs 60,000. Let us know about 4 other such options.
Tax benefit under section 80E on interest on education loan
If you have taken education loan for your child or yourself, you can claim tax benefit under section 80E. Interest on education loan is eligible for tax rebate.
This means that this benefit is for the child as well as the parents. However there is a limit here that the maximum time period for claiming such deduction is 8 years.
Such deduction can be claimed only on an individual basis. The Hindu United Family is not allowed to do this. A question arises here as to what is the interest limit for exemption? The answer is that there is no such limit at the moment.
Savings account interest and donations under section 80G
It is important to know that the interest on bank FDs is not at all eligible for tax exemption. However, if you get interest on savings account then they are eligible for tax rebate.
But here the limit is limited to Rs 10,000. This means that if your interest income in a savings bank account is more than Rs 10,000, then you will have to pay tax on the same.
On the other hand, if you donate to institutions or organizations notified by the central government, you will be eligible for tax exemption.
Some of the funds notified by the government include the Prime Minister's National Relief Fund, the National Defense Fund, the Jawaharlal Nehru Memorial Fund, the Prime Minister's Drought Relief Fund.
You will also try to save tax in different ways. It is quite common to try to save tax by investing in them. Most people make this investment to protect the future as part of their financial planning.
At the same time, people almost always focus on taking tax benefits under section 80C. But do you know that there are many sections under which it is possible to save income tax.
We tell you 5 such special options, through which you can save tax up to Rs 1.5 lakh. Health insurance premium comes first among them.
If you are paying health insurance premium, then claim tax deduction under section 80D. An amount of Rs 25,000 is eligible for tax break, while in case of senior citizens it increases to Rs 30,000.
The exemption limit under this section has been set at only Rs 60,000. Let us know about 4 other such options.
Tax benefit under section 80E on interest on education loan
If you have taken education loan for your child or yourself, you can claim tax benefit under section 80E. Interest on education loan is eligible for tax rebate.
This means that this benefit is for the child as well as the parents. However there is a limit here that the maximum time period for claiming such deduction is 8 years.
Such deduction can be claimed only on an individual basis. The Hindu United Family is not allowed to do this. A question arises here as to what is the interest limit for exemption? The answer is that there is no such limit at the moment.
Savings account interest and donations under section 80G
It is important to know that the interest on bank FDs is not at all eligible for tax exemption. However, if you get interest on savings account then they are eligible for tax rebate.
But here the limit is limited to Rs 10,000. This means that if your interest income in a savings bank account is more than Rs 10,000, then you will have to pay tax on the same.
On the other hand, if you donate to institutions or organizations notified by the central government, you will be eligible for tax exemption.
Some of the funds notified by the government include the Prime Minister's National Relief Fund, the National Defense Fund, the Jawaharlal Nehru Memorial Fund, the Prime Minister's Drought Relief Fund.
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