Income Tax Tips: You can save huge tax without investing anywhere, know 5 ways..
Income Tax 2024: If you have not invested anywhere to save tax, then do not worry. There are many other ways to save tax. We spend money in many such places throughout the year, which can be mentioned in the Income Tax Return File (ITR) to save tax.
However, these are beneficial only when you file ITR as per the old system. If you have not filed an ITR yet, then file it by July 31. This is the last date. If you file an ITR after this, then you may have to pay a fine of up to Rs 5000.
You can save income tax in these 5 ways-
1. On health insurance premium-
If you have taken any health insurance, then you can also get income tax exemption on its premium. This exemption is available under Section 80D of Income Tax. Under these rules, any person can get a discount of up to Rs 25,000 on the premium of medical insurance for himself or their family in a year. On the other hand, if the medical insurance is taken by a senior citizen, then a discount of up to Rs 50,000 is available.
2. Discount on home loan-
Income tax exemption can also be availed on home loans. If you have taken a home loan and are living in that house, then you can get an exemption under Income Tax Section 24(b) and 80C. Under 24(b), a discount of up to Rs 2 lakh per annum is available on the interest of the loan, while under 80C, a discount of up to Rs 1.50 lakh per annum can be availed on the principal amount.
3. On children's tuition fees-
Here tuition fees do not mean children's coaching fees. When children study in school, every school takes a part of the child's fees as tuition fees. This is written on the child's fee slip. If it is not written, then talk to the school's account department or principal. Many schools show the entire fee of the child as tuition fees. You can get an exemption by showing this tuition fee in income tax. Under section 80C of income tax, you can get an exemption of a maximum of Rs 1.50 lakh per year.
4. On interest on education loan-
If you have taken an education loan for children's education, then you can get an exemption in income tax on the interest being paid on it. According to section 80E of income tax, income tax exemption can be taken for 8 years on the interest being paid on education loans for higher education. Suppose, your annual income is Rs 7 lakh and you have paid Rs 2 lakh in a year as interest on an education loan, then your income will be considered only Rs 4.50 lakh (after taking out the standard deduction of Rs 50 thousand) and ITR will have to be filed accordingly. In such a situation, your tax will be zero.
5. On the amount donated-
If you donate money to any organization, then you can also get an exemption on that under section 80G of income tax. Depending on the organization and certain circumstances, it is decided how much exemption will be given on the donated amount. This exemption on the donated amount can be 50 percent or even full. During this, it has to be kept in mind that the name, PAN number and address of the organization to which the money is being donated will also be necessary. This information is given while filing ITR.
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