ZARA DAR का वायरल वीडियो नीचे दिए गए लिंक से डाउनलोड करें
Tax-saving is a priority for every salaried professional in India. With rising expenses, maximizing your income through smart tax planning is crucial. Fortunately, the Income Tax Act offers several deductions and exemptions that can significantly reduce your taxable income.
In this guide, we’ll explore practical tips to save taxes in India, focusing on options available specifically to salaried individuals.
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Understand Your Tax Slabs
India has a progressive tax system, with rates increasing as your income grows.
Tax Slabs for FY 2025:
| Income (₹) | Old Regime Tax Rate | New Regime Tax Rate |
|---|---|---|
| 0 – 2,50,000 | Nil | Nil |
| 2,50,001 – 5,00,000 | 5% | 5% |
| 5,00,001 – 10,00,000 | 20% | 10% |
| Above 10,00,000 | 30% | 15% |
Pro Tip: Evaluate whether the old regime (with deductions) or the new regime (lower rates, no deductions) benefits you more.
Maximize Section 80C Deductions
Under Section 80C, you can claim deductions up to ₹1.5 lakh.
- Eligible Investments:
- Public Provident Fund (PPF).
- Employees’ Provident Fund (EPF).
- Life Insurance Premiums.
- Equity Linked Savings Scheme (ELSS).
- National Savings Certificate (NSC).
- Pro Tip: Prioritize ELSS for higher returns and shorter lock-in periods.
Utilize Section 80D for Health Insurance
Health insurance premiums are tax-deductible under Section 80D.
- Deduction Limits:
- ₹25,000 for self and family.
- Additional ₹25,000 for parents under 60 (₹50,000 if senior citizens).
Pro Tip: Opt for family floater policies to maximize coverage and savings.
Claim HRA (House Rent Allowance)
If you live in a rented house, HRA can significantly reduce your taxable income.
- Calculation: The least of the following is exempt:
- 50% of basic salary (metro cities) or 40% (non-metro).
- Rent paid minus 10% of salary.
- Actual HRA received.
Pro Tip: Submit rent receipts and ensure your landlord’s PAN is provided if rent exceeds ₹1 lakh annually.
Take Advantage of Standard Deduction
Salaried employees automatically receive a ₹50,000 standard deduction, reducing taxable income without additional documentation.
Invest in the National Pension System (NPS)
Under Section 80CCD(1B), you can claim an additional ₹50,000 deduction for NPS contributions, over and above the ₹1.5 lakh limit of Section 80C.
- Why Choose NPS:
- Low-cost investment.
- Market-linked returns.
- Helps build a retirement corpus.
Claim LTA (Leave Travel Allowance)
LTA exemptions cover travel expenses for you and your family within India.
- Key Points:
- Covers travel via air, rail, or road.
- Limited to two claims in a block of four years.
Pro Tip: Maintain travel-related receipts for verification.
Deduct Home Loan Interest
If you’ve taken a home loan, you can claim interest payments as a deduction under Section 24(b).
- Deduction Limit: ₹2 lakh per annum for self-occupied properties.
- Additional Benefits: Principal repayment qualifies for Section 80C deductions.
Save Taxes on Education Loans
Under Section 80E, you can claim tax deductions on the interest paid on education loans for higher studies.
- Tenure: Deduction allowed for up to 8 years.
- Pro Tip: Use this benefit for self, spouse, or children’s education.
Opt for Tax-Free Perquisites
Negotiate with your employer for tax-free perks like:
- Meal coupons (up to ₹50 per meal).
- Transport allowances.
- Internet reimbursements.
- Office-related mobile phone expenses.
Claim Tax-Free EPF Withdrawals
EPF withdrawals are tax-free if:
- The employee has completed 5 years of continuous service.
- The withdrawal amount is below ₹50,000 before five years (conditions apply).
Reduce Capital Gains Tax
Invest capital gains in specified instruments like Capital Gains Bonds under Section 54EC to save tax.
Charitable Donations (Section 80G)
Contributions to approved charities or relief funds are eligible for tax deductions.
- Deduction Limit: Varies between 50% and 100% of the donation.
Pro Tip: Donations in cash exceeding ₹2,000 are not eligible.
File Income Tax Returns (ITR) on Time
Filing your ITR before the deadline avoids penalties and ensures you can claim all eligible deductions.
Conclusion
Saving taxes is an essential aspect of personal financial planning. By leveraging the deductions, exemptions, and strategies outlined above, salaried professionals can significantly reduce their tax burden and grow their wealth. Start planning early in the financial year to make the most of these benefits!