How to save tax other than 80c - quora

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Web21 dec. 2024 · Final Note: So, whether you are a resident Indian or an NRI, you can benefit from various tax saving schemes that are covered in sections other than 80C.Together, the many sections offer substantial tax relief. At DBS Treasures, our dedicated mortgage specialists will help you get instant approval on home loans at the most competitive … Web28 jun. 2024 · Actual rent paid less 10% of the total income (some exclusions are there) 4. NPS Scheme: This scheme offers you additional tax deduction for Rs.50000/- other than Section 80C. 5. Section 80E: Deduction for interest paid on Educational loan – Best part is that there is no maximum limit.

17 Best Income Tax Saving Schemes & Plans in 2024 - Scripbox

WebSection 80C consists of several investments and savings options that help you reduce your tax liability by claiming deductions against the amount invested or paid for an approved … Web28 sep. 2024 · 15 Tax Saving Options Other Than Section 80C. By Future Generali Jan 10, 2024. 1K. 66.9K. Read This Next. Tax Hacks Blogs 5 min. Section 80DD Deductions - Claim Tax Deduction on Medical Expenses of Differently-abled Dependents. By Future Generali Sep 10, 2024. 7. 3.2K. Tax Hacks Blogs 9 min. litho compose

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Web6 apr. 2024 · Tax Savings Under Section 80G. Donations to specified funds or charitable institutions. You need to retain the stamped receipts of the donations and make sure the … Web9 mrt. 2024 · Understanding Section 80D tax-saving with examples . Example 1: Nitin is 45 years old and is covered by medical insurance for himself, his spouse and dependent children, paying Rs 18,000 as an annual premium.He has also incurred Rs 4,000 for preventive health check-ups towards his family. Tax deduction under Section 80D: Rs … Web14 aug. 2024 · Deductions under Section 80CCF of Income Tax Act. Section 80CCF of the IT Act contains provisions for certain tax deductions, in a bid to attract investors and utilise funds efficiently. The current maximum deduction an individual is entitled to stands at Rs 20,000 per year, for investments in infrastructure and other tax saving bonds. ims nitc login

15 Tax Saving Options Other Than Section 80C - Future …

Web21 mrt. 2024 · Beyond the contribution of Rs 1.5 lakh under Section 80C, you can invest an additional Rs 50,000 in NPS which can be claimed as tax deduction under Section … Web19 sep. 2024 · Section 24 is one of the highly regarded tax-saving options other than 80C. The reason behind this is that presently, for self-occupied homes, you can avail yourself of tax benefits on the principal repaid as well as on the interest amount. If you are planning to invest your money in property, know that you can also save taxes through this method. ims nord gmbhWeb21 dec. 2024 · Section 80 TTA: Savings Account Interest. Interest earned on deposits in your Savings Bank or Post Office Savings Account up to a limit of INR 10,000 per year … ims nmat test series

"WebTax saving with NPS under Section 80CCD (1B) Tax-paying citizens can save an extra amount of up to ₹50,000 if they invest in the National Pension Scheme that can go over … " - How to save tax other than 80c - quora

How to save tax other than 80c - quora

8 Tax Saving Schemes Other Than 80c in India DBS Treasures

Web18 jan. 2024 · VPF contributions made towards the EPF accounts are eligible for tax deductions under the provisions of Section 80C of the Income Tax Act, 1951. Hence, you can contribute as much as you want but the tax deductions available to the taxpayers is restricted to Rs 1,50,000 a year and one can save up to Rs 46,800 a year in taxes. Web22 sep. 2024 · When filing your income tax returns, as a salaried or self-employed individual, you can claim up to ₹ 1,50,000 jointly under Section 80CCD (1) for contributions made to NPS or APY individually and Section 80CCD (2) …

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Web19 okt. 2024 · PPF is a great tax saving option as it qualifies for deduction upto Rs 1.5 Lakhs per annum under section 80C of the Income tax act. Additionally, it has provided … WebHow Much Income Tax One Can Save in Assessment Year 2024-24. The section 80C of the income tax as well has seen a 25% rise in its standard deduction threshold. In this way, the income taxpayers can make use of their earned income in the assessment year 2024-21 and hence can easily do income tax calculation. The government for the same has said ...

WebThe House Rent Allowances that the employer gives. 50% of the employee's salary is eligible for HRA tax exemption if they live in any of the Metro cities of India. The metropolitan cities of India include Delhi, Mumbai, Calcutta, and Chennai. In case the employee lives in any other city, then 40% of the salary can be HRA exempted. Web9 feb. 2024 · - Quora. Yes, EPF of employee contribution is a part of 80C. If you planning for tax saving under 80C (maximum saving 1.5 lac under 80C) than you have deduct your EPF contribution first than for rest you may start your planning. How do you avoid tax on investments? 7 ways to minimize investment taxes Practice buy-and-hold investing. ...

Web15 feb. 2024 · Section 80C includes mutual funds, insurance premium tax saver FDs, PPF and several other schemes. 80CCC governs contributions to specific policies which pay a pension or annuity. 80CCD covers contributions to India’s National Pension System (NPS) Section 80C Limits The maximum limit for tax saving under Section 80C is Rs 1.5 lakh. Web21 apr. 2024 · Investments of up to Rs 1.5 lakh in Ulips are eligible for tax breaks under Section 80C. But if the annual premium exceeds Rs 2.5 lakh in any year, then the proceeds from such ULIPs are taxable ...

Web21 sep. 2024 · As a taxpayer, you can save up to ₹15,600 under this section. You can also claim tax benefits for premiums paid towards health insurance for self, spouse, children and parents and term insurance plans. This benefit comes under Section 80D of the Income Tax Act. Every year, you can save up to ₹15,600 on these health insurance payments.

imsn lithiumWeb12 feb. 2024 · When it comes to saving taxes, most of us try to make the maximum use of section 80C limit of income tax Act. However, there are several ways where your parents, wife and children can also help you save taxes. Here is a look at how this can be done. 1. Buy health insurance for your spouse, children, parents. litho.comWebSection 80 C : Find out the Investments and payments that are eligible for 80C deductions. Compare the popular 80C investments in terms of risk, returns, lock-in. X. ... How to save tax other than section 80C? Apart from 80C, various other provisions allow deductions to taxpayer as follows : 80D- for medical insurance premium for self, ... litho converterWeb16 mrt. 2024 · The tax-saving options available in the 80C basket include life insurance premium, principal payment portion of a home loan, investments in five-year tax-saving bank fixed deposits (FD), National Pension System (NPS), Public Provident Fund (PPF), National Savings Certificate (NSC), Sukanya Samriddhi Yojana, ELSS etc. litho condoWebWhat are the best ways to save tax in India other than 80C? - Quora Answer (1 of 15): Assuming you have exhausted the limit of rs. 150000, there are other sections other than 80C to save tax 1.80 CCD(1B)- contributions to NPS up to 50,000 2.80CCD(2) - if your … ims north campusWebThus, there are several ways for tax saving other than Section 80C, which can effectively increase your total wealth in the long term. Most such tools act as a comprehensive … ims nord hamburgWebOther Tax Saving options beyond Sec 80C Apart from the 80C deductions, there are various deductions under Section 80 you can use to save on income tax. Tax benefits on health insurance premiums and home loan interest are a few- Medical insurance premium to be claimed at Rs. 50,000. litho colour printers aligarh