new Delhi: The last date for filing Income Tax Return (ITR) is near. In such a situation, every income tax payer is trying to save income tax. We are telling you five ways which can prove to be helpful in saving tax very easily. The best part is that all the investments are available with you.
1. Health Insurance
To protect against the ever increasing infection and diseases around us, everyone is getting health insurance. Health insurance is also helpful in saving you from the expensive treatment expenses of hospitals. If you are under 60 years old, then you can save up to 25 thousand rupees tax through Health Insurance Premium. You can also make a premium for your wife and child. In this you get exemption under section 80D. In this, you can take mediclaim, family floater or critical illness. At the same time, those who are more than 60 years old will get tax benefit of up to 50 thousand.
2. Home loan
Home loan is also an easy way to save tax. Those paying home loan EMI also get the benefit of tax exemption. In this, you get deduction up to Rs 1.5 lakh under Section 80C. At the same time, a rebate of up to 2 lakh rupees will be given under section 24 on the interest portion.
3. Education loan
You also get the benefit of tax exemption in education loan. Under Section 80E, you get an exemption in interest on the loan. This rebate can be availed immediately after the assessment year and then up to 7 assessment years or until the entire loan is repaid, whichever is earlier. Keep in mind that you should have taken a loan from a recognized institution.
4. Nation Pension Scheme
The National Pension Scheme of the government is a good option for tax saving. If you invest money in this pension scheme, you can get tax deduction of up to 50 thousand rupees under 80 CCD (1B). Keep in mind that this deduction will be received after investment made under Section 80 CCD (1).
5. Discount on interest
Apart from this, tax savings are also made from the money earned from deposits. Under Section 80 TTB, the interest on the amount received from the deposit is exempt. Under Section 80 TTB you can avail a maximum discount of up to 50 thousand rupees.