Salaried people earn a fixed income every month. In that too, a good part of their salary goes into paying income tax. But if you do not want to lose your hard-earned money in tax, then you will have to do proper tax planning for it. If you have not been able to do this this year, then do not regret it because the new year will start from January 1, but the new financial year will start from April 2025. In such a situation, if you do tax planning from the new year, then you will save a good amount of money. Here are the ways that can be helpful for you in this matter.

Invest under section 80C
This section is the easiest and most popular way to save your tax. In this, you can claim a deduction of up to ₹ 1.5 lakh. Public Provident Fund (PPF), ELSS (Equity-Linked Savings Scheme), there are many such schemes in India, National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY), etc., by investing in which you can get tax benefits under 80C.

Invest in the National Pension System (NPS)

NPS can also prove to be a better option in terms of saving tax. Tax exemption is available on investment in NPS under section 80CCD of Income Tax. It also has two sub-sections - 80CCD (1) and 80CCD (2). Apart from this, 80CCD (1) has another sub-section 80CCD (1B). You can get a tax exemption of Rs 1.5 lakh under 80CCD (1) and Rs 50 thousand under 80CCD (1B). Apart from this exemption of Rs 2 lakh under 80CCD(2), you can also avail more exemptions in income tax.

Tax benefit on home loan
If you have taken a home loan to buy a house, you can still save your income tax. Under section 24(b), you can claim a deduction of up to Rs 2 lakh on home loan interest. Under section 80C, a deduction of up to Rs 1.5 lakh can be claimed on principal repayment and if you have bought a house for the first time, you can avail of additional benefits under section 80EEA.

Save tax on health insurance.
Under section 80D, you can claim a tax deduction on health insurance premiums for yourself, your family, and your parents. In this, a deduction of up to Rs 25,000 can be claimed for the family, and up to Rs 50,000 for senior citizen parents.

Education and tuition fees

Under section 80C, a deduction of up to ₹1.5 lakh can be claimed on children's school or college tuition fees.

Deduction on interest under section 80TTA

Under section 80TTA, a deduction of up to ₹10,000 can be claimed on interest earned from a savings account.

Disclaimer: This content has been sourced and edited from ZEE Business Hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.