How to save on taxes without
investing| The Department of Income Tax has provided taxpayers with various
deductions and exemptions that may be deducted from taxable income under
Section 80, Chapter VIA to reduce the tax burden.
Among all, there are deductions
that are obtained with investments, but there are also some deductions that are
obtained without any investment, but with daily expenses.
The 80C deductions are the most famous;
there are other deductions that can reduce the tax burden on taxpayers even
without much savings on tax savings tools. Some of them are the following
Download Automatic Income Tax Salary Certificate Form 16 Part
A&B for the F.Y.2021-22[This Excel Utility can
prepare at a time 50 Employees Form 16 Part A&B]
1. Tuition for children
You can claim deductions from your
child's full-time college tuition fees for up to two children up to Rs. 1.5
lakh under section 80C of the 1961 Income Tax. You can also save under section
80E on interest paid on your child's education loan for 8 consecutive years.
2. Interest paid on a mortgage
loan. For first-time homebuyers, there are deductions of up to Rs. 50,000 on
the EMI interest component of interest paid on mortgages pursuant to section
80EE. In this case, the loan amount should not exceed 10,000,000 rubles. 35
lakhs and the value of the residential property must not exceed 50 lakhs.
3. Rental allowance Self-employed
and employees who do not own their own residential property may benefit from
the rental allowance (HRA) deduction under section 10(13A) of the Income Tax
Act, at least for the following: :
To claim the tax credit, the
taxpayer must provide the employer with rental receipts as well as other
details to claim the exemption amount.
4. Medical expenses of elderly parents. If your parents are 60 or older and do not have any health insurance coverage, you can claim a deduction for the money you spend on their medical bills. You can request a maximum deduction limit of Rs. 50,000 under section 80D of the Income Tax Act.
Download Automatic Income Tax Salary Certificate Form 16 Part B
for the F.Y.2021-22[This Excel Utility can
prepare at a time 50 Employees Form 16 Part B]
