Invest in eligible options like Provident Fund (PF), Public Provident Fund (PPF), and Equity-Linked Saving Schemes (ELSS) to avail deductions up to ₹1.5 lakh.
Leverage tax benefits on home loans by claiming deductions on both principal (Section 80C) and interest payments (Section 24).
Contribute to the National Pension Scheme (NPS) to avail deductions under Section 80CCD(1B) beyond the limit of Section 80C.
If you are a salaried individual, make use of House Rent Allowance (HRA) by providing rent receipts to reduce taxable income.
Explore tax-free allowances provided by employers, such as transport allowance, to reduce taxable income.
Avail deductions on the interest paid on education loans under Section 80E.
Donate to eligible charitable institutions to claim deductions under Section 80G.
If your employer provides a conveyance allowance, ensure you utilize it to reduce taxable income.
File your tax returns on time to avoid penalties and make use of any potential refunds.
Opt for health insurance policies for yourself and family to claim deductions on premiums paid under Section 80D.
Specific health checkups that qualify for tax deductions under Section 80D. Read More