Wednesday, November 29th, 2023

Income is more than 10 lakhs, this is how you can save in the last minute

Photo: CANVA Income is 10 lakhs, you can save tax in the last minute by these methods

The financial year 2022-23 is about to end soon, so if you are planning to save tax, then you are at the right place. Explain that people whose income is more than 2.5 lakhs, they have to pay tax. In such a situation, if your income is more than this i.e. close to 10 lakhs, then you should do better planning to save tax. Today we are going to tell you about some ways through which you can save tax by investing.

Health insurance is very helpful in tax saving

Health insurance not only reduces your medical bills, but it also helps in saving tax. Explain that taking health insurance is exempt under 80D, where you can get a deduction of Rs 25,000 on the premium paid by your spouse, parents, children and yourself. Along with this, the rebate available in health insurance is Rs 50,000 for senior citizens.

This is how you can save tax through home loan

Let us tell you that you can also save tax in a better way through home loan, where if you have taken a home loan and you pay its interest, then you can get up to Rs 2 lakh under section 24 (b) of income tax. gets discount. In such a situation, if you have taken a home loan, then you can get tax exemption.

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You can save tax by investing in these schemes

If you invest in schemes like Sukanya Samriddhi Yojana (SSY), Public Provident Fund (PPF), Employees Provident Fund (EPF), you will get a deduction of up to Rs 1.5 lakh under Section 80C of Income Tax. So if your income is Rs 10 lakhs, after investing here your income after deduction will be Rs 8.5 lakhs, on which tax will be counted. In this way, you can do better tax saving by trying these methods.

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