How to save tax other than 80c - quora

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Web19 okt. 2024 · Let us now understand how you can utilise these 10 tax saving options to save tax. Public Provident Fund (PPF) 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 decent returns in the 7% – 9% range. 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.

Save Income Tax: Your parents, wife and children can help you save ...

Web4 jan. 2024 · Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of … 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) … fischer stoffe ottering

What are the best ways to save tax in India other than …

WebTax Benefits of NPS. The NPS has its share of income tax benefits both at the time of making contributions and at the time of withdrawal on maturity. Individual taxpayers can … 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. 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. camping world mt barker

Section 80 C - Best Tax Saving Investment option under Sec 80C

Ways to save tax other than Section 80C - TaxGuru

Web** Best Tax Saving Options Other Than 80C ** Before planning our taxes everyone should be aware of the total income and tax liability in order to be smart tax saver. The … Web5 apr. 2024 · Apart from 80C, various other provisions allow deductions to taxpayers as follows: 80D- for medical insurance premium for self, spouse & dependent parents. Section 80EE – Deduction for interest payment of the home loan for first homeowners. Section 24- Interest deduction for housing loans up to Rs 2 lakh. fischer stone freeport ilWeb24 feb. 2024 · How to Save Tax Other Than 80c. Section 80C of the Income Tax Act allows you to claim a deduction of up to Rs 1.5 lac from your total taxable income. This is an excellent way to minimize your tax liability. However, there’s a lot more to tax planning than Section 80C. Deductions under numerous other Acts also allow you to enjoy tax benefits. fisch erstkommunion clipart

"WebThus, 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 … " - How to save tax other than 80c - quora

How to save tax other than 80c - quora

Do Not Invest Rs. 50,000 in NPS for additional tax saving benefit!

Web12 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. 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 ...

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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. ... WebSection 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, ...

Web26 feb. 2024 · If you have exhausted the Rs 1.5 lakh limit under Section 80C, then additional tax can be saved by investing Rs 50,000 in NPS. This deduction claimed will be over and above Section 80C deduction of Rs 1.5 lakh. Here is a look at the tax benefits one gets by investing in NPS. Getty Images Puneet Gupta 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 ...

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. Web31 mrt. 2024 · “With several investment products, small saving instruments, insurance policies, pension schemes, home loan repayments, EPF contribution, etc. crowding Section 80C, taxpayers often tend to...

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 …

Web31 mrt. 2024 · “With several investment products, small saving instruments, insurance policies, pension schemes, home loan repayments, EPF contribution, etc. crowding … fischer stoffe chamWebFortunately, the Income Tax Act also has several provisions to reduce the tax burden. Some of the major tax saving provisions are contained within section 80C. There are also tax saving options other than section 80C deduction. Let us look at what this important section includes and explore the alternative ways to save tax other than Section 80C. fischer stone fixing systemsWebThe 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. camping world mount vernon washingtonWeb21 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 … camping world mt vernon waWeb21 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 … camping world nascarWebUnder section 80TTA of the Income Tax Act, 1961, you are allowed to claim a deduction on your savings account deposits which have been held in a cooperative society, bank, or post office. It must be noted that the amount of exemption which has been sought must be lower than Rs. 10,000. This section has been a part of the Finance Bill since 2013 ... camping world navion 24jWeb4 feb. 2024 · Section 80C/80CCC/80CCD (Rs 1,50,000): The Investment in the EPF, PPF, The Pension Plans, ELSS, FD, NPS, NSC, SCSS, Life Insurance, SSA and NPS. Also includes Tuition Fees, Home Loan’s Principal repayment, Stamp Duty (The Best Tax Saving Investments under section 80C ) Section 80E: The Interest paid on the Education Loan. camping world murfreesboro tn