There are numerous deductions available under various income tax sections that assist in lowering taxable income. The majority of people invest in well-known programs like Public Provident Fund (PPF), National Pension System (NPS), and Equity Linked Savings Plan to maximize the Section 80C limit (ELSS). Yet, there are more tax saving strategies that we may use to cut our costs without making any investments. Tell us how you may reduce your taxes without investing.
Funding provided to political parties/charitable organizations may help in tax saving
You can receive a tax deduction if you give to a political party or charitable organization. According to section 80GGC of the Income Tax Act, any donation given to authorized political parties or charity organizations may be claimed as a legitimate deduction. Hence, it may help in tax saving.
Education loan
Students who have taken out student loans to further their education are eligible for a tax break under section 80E on the interest paid on the loans. Nevertheless, only the interest part of the EMI is eligible for the deduction. The primary element of the EMI has no tax advantages.
If a taxpayer does not receive House Rent Allowance (HRA)
as part of their salary or if they are self-employed, they may claim a rent exemption under Section 80GG. To avail this deduction, they need to submit Form 10BA. Under this clause, they may deduct up to Rs 60,000.
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