Leverage Deductions Under Sec 80C, 80D, and 80EE:
Section 80C: Claim deductions of up to Rs. 1.5 lakh on expenses like home loan principal repayment, investments in PPF, NSCs, ELSS, EPF contributions, LIC premiums, tuition fees, and NPS contributions. Section 80D: Avail deductions of up to Rs. 25,000 on medical insurance premiums, preventive health checkups, and medical expenses for specified diseases. Section 80EE: Enjoy deductions of up to Rs. 50,000 on home loan interest payments for properties valued under Rs. 50 lakhs.Children’s Tuition Fees and Hostel Allowance:
Claim an education allowance of up to Rs. 100 per month per child and hostel allowance of up to Rs. 300 per month per child under Section 10(14). Deduct up to Rs. 1 lakh on tuition fees paid for children’s education under Section 80C.Deduction for Interest Paid on Home Loans:
Deduct up to Rs. 2 lakh per annum on home loan interest payments under Section 24 of the Income Tax Act, 1961. Claim deduction for up to 5 years on self-occupied properties if the construction is completed, limited to Rs. 30,000 per year.House Rent and Transport Allowance:
Claim House Rent Allowance (HRA) if you stay in a rented house. The exemption depends on factors like rent paid and city of residence. Deduct rent paid under Section 80GG if HRA is not received, subject to a maximum of Rs. 5,000 per month or 25% of total income. Claim Transport Allowance of up to Rs. 19,200 per annum for commuting between residence and office.Employees’ Provident Fund (EPF):
Enjoy tax exemption on EPF contributions by both the employer and employee, up to 12% of basic pay. Interest earned on EPF and lump-sum withdrawal at maturity are tax-free.Education Loan:
Deduct interest paid on education loans under Section 80E, up to Rs. 1.5 lakh per year, for up to eight financial years. Standard Deduction on Employee’s Salary: Claim a standard deduction of up to Rs. 40,000 from gross income under the Income Tax Act, 1961, if you are an employee or pensioner. By leveraging these tax-saving strategies, taxpayers can significantly reduce their tax liability without making additional investments. It’s essential to explore all available deductions and exemptions to optimize tax savings effectively. Remember to maintain proper documentation and comply with all regulatory requirements to ensure smooth tax filing and minimize the risk of audits.🚀 Ready to level up your finances? Say goodbye to tax woes with Savingz! 🎉
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