Saving income and How To Save Income Tax becomes the most-trending topic over the internet. This is because of the concern of today’s people in terms of money-saving and tax saving. There are a lot of policies and articles, which are available across the internet, which help all of us in saving taxes and money. But still, there is no answer to the question that how to save income tax for salaried people.
If you are also looking for the answer to this question, then you have reached the right post and here in this post, we will guide you for how to save income tax. So, just have a look at the information below:
Pay Health Insurance Premiums To Save Income Tax
We cannot ignore the advantage of health insurance and do you know that they are also very beneficial in saving taxes as well. You can get around 25,000 deducted from your account to get the benefit from the insurance premiums. If you are a senior citizen, then you can save around 50,000 of money to get the benefit from your health insurance plan.
Grab The Advantage From A Charity Organization
While you will donate your money to various charity organizations, you can easily get your tax saved and this will be the perfect answer to the question How To Save Income Tax. You can easily claim the tax deduction as per the Section 80G of income tax. But it all depends upon the type and the reason for which you are donating money on charity.
Grab The Benefit From The Leave Travel Allowance
You can get the benefit of LTA from your employer. You can easily get its benefit for around 2 times in the 4 years. With this, you can easily travel across India for a certain time period. This is also one of the best and easy methods for saving taxes. If you will plan your taxes in the right way, then you can easily save such a huge amount of tax.
Choose House Rent Insurance To Save Income Tax
While you are living in India, then you can easily grab its benefit and easily get this deducted from your income. This is very beneficial in saving taxes. To get its benefit, you just need to pay rent for around 1 lakh in a year, but to get this you must have proof of PAN card and house owner proof.
Grab The Advantage From Long Term Capital Gains
With the help of the long term capital gains, you can easily save your tax. But you must make sure that it must own it for around 3 years of the time period.
Invest In Share And Mutual Funds To Save Income Tax
A lot of salaried persons invest their money on mutual funds in order to save their money from tax. If you earn more than 12 lakhs, then you easily avail its benefit. After this, you will get a great amount of tax deduction. All of these deductions are as per the Rajiv Gandhi Equity Savings Scheme.