Tricks and strategies to legally save taxes on income above 30 lakhs:
(1) Save on taxes with deductions under sections 80C, 80CC, and 80CCD by investing in life insurance, ULIP Plans, PPF accounts, pension plans, NSC, and fixed deposits.
Claim up to Rs 1.5 lakhs deduction. Choose the best ULIP or retirement plans for maximum tax benefits.
Claim up to Rs 1.5 lakhs deduction. Choose the best ULIP or retirement plans for maximum tax benefits.
(2) Section 80E permits deductions for interest payments on education loans for yourself, spouse, or child.
This allows you to claim tax benefits for the interest paid on the loan.
This allows you to claim tax benefits for the interest paid on the loan.
(3) Cut taxable income using sections 80D & 80DDB by deducting medical expenses, including health insurance costs.
If 60 or older, claim up to Rs 50,000 for your health insurance, and an extra Rs 50,000 if parents are seniors.
If 60 or older, claim up to Rs 50,000 for your health insurance, and an extra Rs 50,000 if parents are seniors.
(4) ELSS mutual funds are increasingly popular because of their appealing advantages compared to traditional investments.
Many find them superior for tax-saving, making them a preferred choice among investors.
Many find them superior for tax-saving, making them a preferred choice among investors.
(5) Purchase a home and avail tax benefits: Deduct the principal amount of your home loan under section 80C and the interest paid under section 24.
(6) If your expertise in tax matters is limited, hiring a seasoned income tax professional is advisable.
They'll help plan strategically and possibly cut your tax bill.
They'll help plan strategically and possibly cut your tax bill.
That's a wrap!
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This is our #111 Thread, If you find it useful:
(1) Follow me @rohaninvestor for more such threads. I write a new thread every week simplifying trading/investing & personal finance concepts.
(2) Bookmark this thread for future.
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