Paying taxes is important, but paying extra taxes isn’t! With the right planning, you can legally reduce your tax liability and grow your wealth. Here are 5 smart ways to save taxes in India:
1️⃣ Invest under Section 80C
Claim up to ₹1.5 lakh deduction by investing in ELSS funds, PPF, tax-saving FDs, or paying life insurance premiums.
2️⃣ Health Insurance Benefits (80D)
Premiums for medical insurance offer deductions up to ₹25,000 (self & family) and ₹50,000 for senior citizen parents.
3️⃣ Boost Retirement Savings with NPS (80CCD(1B))
Get an additional ₹50,000 deduction by contributing to the National Pension Scheme.
4️⃣ Claim HRA or Rent Deductions
If you live on rent, claim exemption on House Rent Allowance (HRA). No HRA? Use Section 80GG instead.
5️⃣ Save Through Home Loans
Deduct up to ₹2 lakh on home loan interest under Section 24(b). Plus, extra benefits for affordable housing loans.
✨ Pro Tip: Compare the old vs. new tax regime before filing—sometimes, lower tax rates without deductions may benefit you more!
📌 Need expert help in planning your taxes? Contact Numeric Consultants today and start saving smarter!
