House Rent Allowance (HRA) serves as a viable means to save on income tax for salaried individuals.
Provided under section 10(13A) of the Income Tax Act, HRA offers tax exemptions subject to specific limits. Here’s how you can benefit:
Maximizing Tax Deductions through Home Loans
Claiming tax deductions on principal amounts and interest paid for home loans can significantly reduce your tax burden.
Section 80C and section 24(b) of the income tax provide the following benefits:
Tax Exemption on Tuition Fees
Parents can avail tax exemptions on tuition fees paid for their children’s education.
Section 80(C) allows for this exemption, with the following details:
Health Insurance Policy for Tax Benefits
Purchasing a health insurance policy can help you save on taxes.
Section 80D of the Income Tax Act offers the following tax exemptions:
Leveraging EPFO for Tax Savings
The Employees Provident Fund (EPF) presents a straightforward option for salaried individuals to save on taxes. Consider the following tax benefits:
