Tuesday, January 19, 2021
  • Home
  • About Us
  • Disclaimer
  • Privacy Policy
  • Contact Us
No Result
View All Result
WORLDHAB
  • Breaking
    • India
    • World
    • Politics
  • Business
    • Finance
    • Insurance
  • Cryptocurrency
  • Entertainment
  • Sports
    • Football
    • Cricket
    • Basketball
    • Tennis
    • WWE
  • Lifestyle
    • Fashion
    • Food
    • Health
    • Pets
    • Travel
    • Romance
  • Tech
    • Android
    • iOS
    • Games
    • Laptops
    • Mobiles
    • Gadgets
    • Social Media
  • Breaking
    • India
    • World
    • Politics
  • Business
    • Finance
    • Insurance
  • Cryptocurrency
  • Entertainment
  • Sports
    • Football
    • Cricket
    • Basketball
    • Tennis
    • WWE
  • Lifestyle
    • Fashion
    • Food
    • Health
    • Pets
    • Travel
    • Romance
  • Tech
    • Android
    • iOS
    • Games
    • Laptops
    • Mobiles
    • Gadgets
    • Social Media
No Result
View All Result
WORLDHAB
No Result
View All Result

Home » News » 8 Tax Saving Options You Never Considered While Filing Tax

8 Tax Saving Options You Never Considered While Filing Tax

August 8, 2018
in Finance, News
49
0
Loading...

At the end of every financial year, most of us are figuring out the ways to save taxes. In the hope of saving as much tax as possible, we often end up making financial mistakes that usually cost us a lot. People invest in various products without being aware of their pros and cons and in the process, they fail to fully utilise the tax deductions and exemptions that are available to them. But, with a little more attention, efforts and help, one can reduce their tax liability by investing in good tax saving investment options.

Loading...

Here’s are some tax saving investment options to help you with all your tax-related decisions:

  1. Tuition Fee

Many people spend a generous amount of their income towards providing the best education possible to their children. If you are one of them then, income tax laws provide you the chance to compensate the expenses that you bear on your child’s tuition fee by reducing your taxes. This deduction on child’s tuition fee can be claimed under Section 80C of Income Tax Act, and maximum deduction is Rs 1.5 lakhs.

  1. Life Insurance Plans

Life insurance plans provide tax benefits which reduce your net taxable income and in turn, lowers your tax liabilities. Under Section 80C of Income Tax Act, premiums that you pay towards life insurance plans (term plans, ULIPs etc.), either for yourself, your spouse or children, qualify for a deduction up to Rs 1.5 lakhs. Also, Section 10(10D) makes the maturity amount of life insurance plans tax-free.

Tax saving

Loading...
  1. National Pension Scheme (NPS)

An additional deduction of Rs 50,000 for income tax is permitted if a contribution is made to the National Pension Scheme, often known as NPS, under the Section 80CCD. This excess deduction of Rs 50,000 on NPS leads to an increase in the total deduction that is allowed under Section 80C and 80CCD which extends to Rs 2 lakhs.

  1. NPS Contribution That Is Routed Through Employer

Under the corporate model of NPS, an employee has two options to deposit the contribution. One being directly and the other through the contribution of the employer that he/she is working with. If the contribution of the employee to NPS is routed through the employer, the employer’s contribution up to 10 percent of basic salary plus Dearness Allowance (DA) is allowed deduction under the Section 80CCD (2). There happens to be no cap for this deduction, but the total deduction claimed by the employer for the contribution should not exceed 10 percent of the salary.

  1. Repayment of Home Loan

It will come as a delight to you that the burden of your home loan EMIs can lead to a reduction in the burden of your taxes. You can avail this benefit on both the components of your instalments- the principal amount and the interest. If you are paying for your first house, then you can end up saving an even larger amount of tax. All of these deductions are covered under the Sections 24, Section 80C and also Section 80EE.

  1. Repayment of Education Loan

The rising costs of the educational courses nowadays is a core reason for people to opt for education loans to finance their child’s higher education. Like the deduction that is available on tuition fees, education loan EMIs also generate tax benefits. Income Tax Act has a distinct provision under the Section 80E so as to provide you with this tax benefit for the interest paid on an education loan, with no upper limit on the same.

  1. Deduction Under Section 80D

Any person can claim a deduction up to Rs 25,000 if he or she has completed less than 60 years of age, and a deduction of Rs 50,000 if they are above 60 years of age, for the medical insurance premium that is paid for either self or spouse and even children. An additional deduction of Rs 25,000 is also available if the person has bought medical insurance for his or her parents. This specific deduction can go up to Rs 50,000 in case the parents are above the age of 60.

Loading...
  1. Deduction Under Section 80DDB

A person can claim a deduction up to Rs 40,000 for the treatment of a certain illness for self and also dependents. This deduction can increase up to Rs 1 lakh in case of senior citizens.

Hope, you take advantage of these tax saving investment options and reduce your tax liability going forward.

Share19Tweet12SendShare3Pin4Share
Previous Post

Amazon Freedom Sale 10% instant discount on SBI Card: 9th – 12th August

Next Post

Sri Lanka vs South Africa 4th ODI: SA vs SL Highlights – Sri Lanka won by 3 runs

Chrissy Ryland

Chrissy Ryland

Chrissy Ryland - I'm a freelance writer and blogger from Northern California. I grew up loving all things entertainment and travel and now I am blessed with a career that lets me write about both of those topics along with many others. For inquiries about a story you think I might want to cover, please contact me at worldhab@gmail.com

Related Posts

Elon Musk wants to be paid in Bitcoin

Elon Musk wants to be paid in Bitcoin

January 11, 2021
Cryptocurrency Surge 100 percent in 2021

Cryptocurrency Surge 100% in 2021: Investor Bill Miller

January 11, 2021
how to become certified financial planner

How to Become a Certified Financial Planner

January 1, 2021
Happy New Year 2021 Wishes, Images, Quotes, SMS, WhatsApp Status

Happy New Year 2021 Wishes, Images, Quotes, SMS, WhatsApp Status

December 31, 2020
Sovereign Gold Bond Scheme (SGB) December 2020: Open on Dec. 28

Sovereign Gold Bond Scheme (SGB) December 2020: Open on Dec. 28

December 25, 2020
Bank Holidays 2021

Bank Holidays 2021: List of National, Govt., & Saturday Bank Holidays in India

December 25, 2020
2021 Honda Passport vs Pilot

Honda Passport vs Pilot 2021 Comparison – Find the Best Model for you

December 24, 2020
Gmail, Google and YouTube down: Services crash

Gmail, Google and YouTube down: Services crash

December 14, 2020
Next Post
Sri Lanka vs South Africa Live Cricket Streaming TV channel

Sri Lanka vs South Africa 4th ODI: SA vs SL Highlights - Sri Lanka won by 3 runs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

SEARCH

No Result
View All Result

FOLLOW US

Follow our social media pages and get updates quicker than ever.

Facebook Twitter Youtube Instagram

RECENT POSTS

Master Movie Box Office Collections Report

Master Movie Box Office Collections Report: Vijay’s Master Record Breaks

January 15, 2021
Eeswaran Movie Review: STR’s Eeswaran Tamil Movie Rating, Hit or Flop

Eeswaran Movie Review: STR’s Eeswaran Tamil Movie Rating, Hit or Flop

January 14, 2021
Easwaran Movie download

Eeswaran Movie Download leaked link by Tamilrockers, isaimini and Telegram channels

January 14, 2021
Bhoomi Movie Download links shared online by Tamilrockers, Isaimini, Tamilblasters

Bhoomi Movie Download links shared online by Tamilrockers, Isaimini, Tamilblasters

January 13, 2021
Master Full Movie Leaked Online in HD Quality

Master Movie Leaked Online and Links on Telegram Chnnels

January 13, 2021

ABOUT

Founded in 2016, WORLDHAB delivers news from the various niches around the world for the targeted audience. For any advertising queries, contact us anytime.

We got approved in Google news and Bing news in earlier 2016. And since then, we help small businesses to grow their business by improving their website authority.

POPULAR CATEGORIES

  • Business
  • Finance
  • Insurance
  • Bitcoin
  • Entertainment
  • Sports
  • Football
  • Cricket
  • Lifestyle
  • Health
  • Travel
  • Romance
  • Technology
  • Education

FOLLOW

Facebook Twitter Youtube Instagram Pinterest LinkedIn Vimeo

WORLDHAB STATS

  • Monthly Traffic: 50,000+
  • Site Age: 5 Years
  • Google News Approved
  • Bing News Approved
  • Alexa Rank: 912,985
  • Domain Rating: 22
  • URL Rating: 24
  • Domain Authority: 33
  • Page Authority: 38

CONTACT

For Guest posts, Sponsored posts, Advertising enquiries, contact: support@worldhab.com

  • Home
  • About Us
  • Disclaimer
  • Privacy Policy
  • Contact Us

© 2020 WORLDHAB - Premium WordPress theme by VISION.

No Result
View All Result
  • Breaking
    • India
    • World
    • Politics
  • Business
    • Finance
    • Insurance
  • Cryptocurrency
  • Entertainment
  • Sports
    • Football
    • Cricket
    • Basketball
    • Tennis
    • WWE
  • Lifestyle
    • Fashion
    • Food
    • Health
    • Pets
    • Travel
    • Romance
  • Tech
    • Android
    • iOS
    • Games
    • Laptops
    • Mobiles
    • Gadgets
    • Social Media

© 2020 WORLDHAB - Premium WordPress theme by VISION.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.