When we talk about Income Tax some people are looking for multiple opportunities to save income tax. Here comes some of the great information that can help you in getting the best solution. Who wants that their money shouldn’t get saved? So let’s know what the top priority of procedures is
1. You can easily claim expenses
Claiming the expenses can help you to save income tax
2. You can do the investment and tax-saving instrument
People easily save tax by investing tax saving instrument it is listed under section 80c. So you can get rid of taking too much money taxes rather than you can ensure them in some form of investment.
3. Deduction of tax while availing a home loan
If you are planning for your home loan then somehow you can save your tax, it is also coming under section 80c
4. Income through non-resident Indian
Non-resident Indian or we can say NRI. As per the government policy, NRI is not supposed to pay tax. They
can earn tax-free interest on their income.
5. Receiving money from Life Insurance policy
If you are receiving the amount through a life insurance policy once your maturity gets over you can easily receive the claim account. The amount will only be received on the premium doesn’t exceed 20%.
6. Education scholarship
This is one of the great greatest factors and benefits provided to the parents. The amount that is received is tax-free and there is no limit to the amount.
7. Giving Gift at wedding
The gifts are generally given to the bride and groom which is tax-free on the gift, cash, cheque, or anything. These gifts are generally given by friends, relatives, and parents.
8. with the help of a public provident fund
It is one of the government saving Scheme and it has its rate of interest that keeps on changing. Show the interest on public provident fund or PPF is tax-free.
9. Life Insurance
Different types of insurance are deductible approx. 1.5 lacs
10. Earning extra income
Extra income is one of the interesting parts with who is doing the income as a secondary factor and instead of that, they are getting per month salary on the first factor. Secondary income is nothing generally the people who are working as a freelancer, part-time job, they earn the extra income so that they can save some money that is being used the tax. In this way, people can easily save while dedicating some more hours to doing other jobs.