Tips to save Income Tax:-You can also save your income tax by following these 5 easy tips

Who does not want to save money? Along with earning, we all do the work of saving some money, so that we can use that money properly over time. That's why many people keep searching for various tips to save on income tax.

But some people do not even know how to save income tax while sitting at home. Therefore, in this article, we are going to tell you 5 such tips, following which you can easily save your income tax. Let's know.

Save tax with a home loan

Whenever a house has to be bought in big cities, many people have to take a home loan. In such a situation, if you want tax exemption in the home loan, then you can save money under section 80C. However, the home loan can be availed of only up to a certain amount.

For your information, let us tell you that apart from home loans, you can save tax by taking an exemption on home loan interest. Under Income Tax Section 24(b), tax exemption can be claimed on the interest of Rs 2 lakh.

Invest in LIC Premium, EPE or PPF

Perhaps you know, if you do not know, then let us tell you that under Income Tax Section 80C, you can easily save tax through many schemes.

If you pay LIC premium, you can claim tax exemption under section 80C. Provident Fund (EPF), PPF, and children's tuition fees can also be claimed for tax exemption. If you have taken a loan, you can save lakhs of rupees by availing tax exemption under section 80C. Even if you have taken a pension plan from another insurance company, you can get a tax exemption.

Save tax on health insurance

If you have taken any health insurance for your spouse, children or parents and keep getting regular health checkups done, then you can claim tax exemption. If the age of your parents is above 60 years, then under this scheme you can save up to 50 thousand in tax exemption.

You can easily claim tax exemption on health insurance under Income Tax Section 80D. Apart from this, under 80D 1B, you can also get tax exemption on the payment of medical treatment.

Save tax on education loan

Nowadays every parent takes a loan for better education of children. In such a situation, if you have also taken an education loan for children, then you can get tax exemption on its interest. If you have taken a loan of Rs. 25-25 lakhs at the rate of 10% interest for two children, then you will have to pay an annual interest of Rs. 5 lakhs on this Rs. 50 lakhs. In this case, you can claim tax exemption on this entire amount.

You can save money by investing in NPS

Under NPS (National Pension System) you can save thousands of rupees. If you invest up to 50 thousand annually under NPS, then under 80CCD (1B) there is an option to save income tax up to additional 50 thousand rupees. Apart from this, you can save income tax in many other government schemes.

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