"Top 10 Smart Ways to Save Big on Taxes!"

The article outlines various tax-saving strategies in India, including deductions under Sections 80C, 80D, 80E, and 80G, as well as benefits from home loans, NPS, HRA, LTA, standard deductions, and employer perks. It provides practical ways to reduce taxable income through investments, insurance, donations, and reimbursements.


Tax-Saving Strategy Description
Section 80C Investments
Under Section 80C, you can claim a deduction of up to ₹1.5 lakh by investing in options like Public Provident Fund (PPF), Employees' Provident Fund (EPF), National Savings Certificate (NSC), Tax-saving Fixed Deposits, and Equity-linked Savings Schemes (ELSS).
Section 80D - Health Insurance
Premiums paid for health insurance policies can be claimed as deductions under Section 80D. You can claim up to ₹25,000 for yourself and your family, and an additional ₹50,000 for parents (if they are senior citizens).
Home Loan - Section 24(b)
Interest paid on home loans can be claimed as a deduction under Section 24(b) up to ₹2 lakh per year. Additionally, principal repayment is eligible for deduction under Section 80C.
National Pension System (NPS)
Contributions made to the National Pension System (NPS) are eligible for tax deductions under Section 80CCD(1) and Section 80CCD(1B). You can claim up to ₹50,000 under 80CCD(1B) over and above the ₹1.5 lakh limit of Section 80C.
Standard Deduction
Salaried individuals are eligible for a standard deduction of ₹50,000, which is automatically deducted from their taxable income.
Leave Travel Allowance (LTA)
Claim tax exemption for travel expenses incurred during vacations with your family. The exemption is subject to conditions and covers travel within India.
HRA Exemption
If you live in rented accommodation, you can claim tax exemption on House Rent Allowance (HRA) based on your salary, rent paid, and city of residence.
Section 80E - Education Loan
Interest paid on education loans for higher studies can be claimed as a deduction under Section 80E. There is no upper limit for this deduction, but it is only applicable for the interest component.
Charitable Donations - Section 80G
Donations made to eligible charities are eligible for tax deductions under Section 80G. The deduction percentage varies based on the type of institution and donation.
Employer Benefits
Maximize tax benefits through employer-provided perks like meal coupons, transport allowance, and phone bill reimbursements, which are either tax-free or attract lower taxes.


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