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Income Tax Saving: Just 1 Day Left For March 31 Deadline, Know What Experts Say

Income Tax Act provides certain avenues to save tax by investing funds in specified securities like PPF, LIC premiums, fixed deposits, ELSS , ULIP, NSC, etc; Income Tax Saving: Just 1 Day Left For March 31 Deadline, Know What Experts Say

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Income tax saving for FY 23-24: How salaried taxpayers can claim deduction of up to Rs 3 85 lakh without HRA, loan

You can claim certain income tax deductions under different heads and therefore reduce your overall income tax liability. Section 80C of the Income-tax Act, 1961 is one of the most widely used deductions that offers a deduction of up to Rs 1.5 lakh in each financial year. But, there are others deductions as well that you can claim and lower your income tax outgo. Check what are the deductions that you can claim in FY2023-24.

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Here s how you can buy health insurance for your parents and claim tax-saving benefits at work

If your parents are aged below 60, you can claim a deduction of up to Rs 25,000 and if they are above 60, the maximum deduction goes up to Rs 50,000

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Budget 2024: 10 tax saving options other than Section 80C

The most popular way to save income tax is through Section 80C, but most savings plans fall within its purview, offering a deduction of only up to 1.5 lakh rupees. However, there are several options where investing won't incur any deductions.

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CBDT Introduces New Rules For Calculating Tax On Life Insurance Premiums Above Rs 5 Lakh

Under the new provision, policies issued on or after April 1, 2023, will be exempted from tax only if the total aggregate premium does not exceed Rs 5 lakh annually.

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