Income Tax Saving Tips Without Investing: The last date for filing income tax is 31st July. If you have invested somewhere, then you can save tax by filing ITR as per the old system of income tax. Even if you have not invested, you can still save tax. Know about some such ways to save income tax:
Income Tax 2024: If you have not invested anywhere to save tax, then do not worry. There are many other ways to save tax. Actually, we spend money in many such places throughout the year, which can be mentioned in the Income Tax Return File (ITR) to save tax. However, their benefit is only when you file ITR as per the old system. If you have not filed ITR yet, then file it by July 31. This is the last date. If you file ITR after this, then you may have to pay a fine of up to Rs 5000.
Income tax can be saved in these 5 ways
1. On health insurance premium
If you have taken any health insurance, then you can also get income tax exemption on its premium. This exemption is available under Section 80D of Income Tax. Under these rules, any person can get a discount of up to Rs 25,000 in the premium of medical insurance of himself or family in a year. On the other hand, if a senior citizen has taken medical insurance, then he gets a discount of up to Rs 50,000.
You can save income tax by showing some expenses.
2. Exemption on home loan
You can also get income tax exemption on home loan. If you have taken a home loan and are living in that house, then you can get exemption under Income Tax Section 24(b) and 80C. Under 24(b), you get exemption of up to Rs 2 lakh per annum on the interest of the loan, while under 80C you can get exemption of up to Rs 1.50 lakh per annum on the principal amount.
3. On children’s tuition fees
Here tuition fees does not mean children’s coaching fees. Actually, when children study in school, every school takes a part of the child’s fees as tuition fees. This is written on the child’s fee slip. If it is not written, then talk to the school’s account department or principal. Many schools show the entire fee of the child as tuition fees. You can get exemption by showing this tuition fee in income tax. Under Section 80C of Income Tax, a maximum exemption of Rs 1.50 lakh per annum can be availed.
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— Rithikjain (@rithikSaatax) June 27, 2024
4. On interest on education loan
If you have taken an education loan for your children’s education, then you can get income tax exemption on the interest paid on it. According to Income Tax Section 80E, income tax exemption can be taken for 8 years on the interest paid on education loan for higher education. Suppose, your annual income is Rs 7 lakh and you have paid Rs 2 lakh in a year as interest on education loan, then your income will be considered only Rs 4.50 lakh (after deducting standard deduction of Rs 50 thousand) and ITR will have to be filed accordingly. In such a case, your tax will be zero.
5. On the donated amount
If you donate money to an organization, then you can also get exemption on that under Income Tax Section 80G. Depending on the organization and some circumstances, it is decided how much exemption will be available on the donated amount. This exemption on the donated amount can be 50 percent or even full. During this, it must be kept in mind that the name, PAN number and address of the organization to which the money is being donated will also be required. This information is given while filing ITR.
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