Income tax returns 2024 - How to save Tax Money without making Investments?
Experts say that even if people haven't made any particular tax-saving investments, they can still lower their tax liability using several provisions under the Income Tax Act of 1961. Key strategies for reducing taxes under the previous tax system include as follows:
Education Loan Interest
Interest paid on student loans taken out for postsecondary study is deductible under Section 80E. This deduction can be used for up to eight years, beginning in the year repayment starts, and has no upper limit.
Tuition Fees for Children
Up to Rs. 1,50,000 can be deducted from an individual's income for tuition fees paid to any indian educational institution. This covers playschool, pre-nursery, and nursery sessions for two children enrolled full-time. Please be aware that contributions, development fees, and other such costs are not reimbursed.
Up to Rs. 1,50,000 can be deducted from an individual's income for tuition fees paid to any indian educational institution. This covers playschool, pre-nursery, and nursery sessions for two children enrolled full-time. Please be aware that contributions, development fees, and other such costs are not reimbursed.
Donations to Charitable Organizations
Donations to recognized charities may be subtracted from taxable income under Section 80G. 50 percent or 100 percent of the gift amount may be deducted, depending on the organization and particular circumstances. When submitting their tax returns, donors are required to include the recipient's name, PAN, address, and contribution amount.
Medical Insurance Premiums
Deductions for premiums paid towards one's own, spouse's, children's, and parents' health insurance are permitted under Section 80D. For oneself and their family, individuals can deduct up to Rs 25,000 annually from their premiums; senior persons can deduct up to Rs 50,000 more.
Home Loan Interest and Principal
Under Section 24(b), individuals can claim up to Rs 2 lakh per year for interest paid on home loans for self-occupied properties. Additionally, the principal repayment qualifies for a deduction under Section 80C, though these benefits are available only under the old tax regime.
Rent Paid
Under Section 24(b), individuals can claim up to Rs 2 lakh per year for interest paid on home loans for self-occupied properties. Additionally, the principal repayment qualifies for a deduction under Section 80C, though these benefits are available only under the old tax regime.
Rent Paid
Tenants who live in rental properties are eligible to deduct their rent payments under Section 10. The amount deducted is determined by the resident's city and the salary of the individual.
There are several ways for taxpayers to reduce their tax bill thanks to these rules. It is advised that you seek the advice of a financial counselor or tax specialist to properly navigate these possibilities and comprehend the particular regulations that apply to your circumstances.
There are several ways for taxpayers to reduce their tax bill thanks to these rules. It is advised that you seek the advice of a financial counselor or tax specialist to properly navigate these possibilities and comprehend the particular regulations that apply to your circumstances.