5 Ways to Save Tax Legally
Smart Planning Today, Bigger Savings Tomorrow!
01 | Tax Saving Investments
Invest in 80C options and save up to ₹1.5 lakh. Popular options include ELSS mutual funds, PPF, EPF, NSC, tax-saving FDs, and life insurance premiums. These investments help reduce your taxable income while building wealth for the future.
02 | Health Insurance Benefits
Save tax u/s 80D and secure your health. Claim up to ₹25,000 for self, spouse, and children, and an additional ₹25,000 for parents below 60 years. For senior citizen parents, the limit increases to ₹50,000. Preventive health check-ups get an additional ₹5,000 deduction.
03 | Home Loan Deductions
Save on interest payments u/s 24(b) and reduce your tax liability. You can claim up to ₹2 lakh on home loan interest for a self-occupied property. First-time homebuyers can get an additional deduction of ₹1.5 lakh under Section 80EEA.
04 | Education Loan Benefits
Interest paid on education loan is fully tax deductible under Section 80E. This deduction applies to loans taken for higher education for yourself, spouse, children, or a legal guardian. There is no upper limit on the amount that can be claimed, and the benefit is available for up to 8 years.
05 | Professional Tax Benefits
Claim professional tax and reduce your taxable income. Professional tax paid by salaried employees is allowed as a deduction from gross salary, effectively reducing your overall tax liability.
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