Income Tax News: Bumper Saving Opportunity! 7 Unconventional Ways Salaried Individuals Can Slash Their Tax Bills in 2024

Income Tax News: Although filing income tax returns can be difficult, salaried people have special chances to reduce their taxes by using unorthodox strategies. These are the top seven tactics to maximise your 2024 tax savings.

Explore the New Income Tax Department Portal

A brand-new, user-friendly official website from the Income Tax Department makes it easier to file taxes electronically and provides other relevant features. Utilising this intuitive tool helps streamline the process of filing your taxes.

Claim Exemptions on House Rent Allowance (HRA)

Salaried individuals who meet the required criteria and submit the necessary documentation can seek a tax exemption on their House Rent Allowance (HRA). Knowing the ins and outs of HRA exemptions can help you drastically lower your taxable income.

Leverage Uncommon Deductions

Investigate non-standard deductions in addition to the traditional ones. You can reduce your taxable income by deducting presents for weddings, children's tuition, and other unusual costs.

Stay Informed About New Tax Regime

There are adjustments to the deductions and exemptions under the new tax law. Get the most recent information about how the new tax laws will affect your tax filing and savings. Resources such as Economic Times offer insightful information.

Contribute More to National Pension Scheme (NPS)

Increase your National Pension Scheme (NPS) contributions to optimise your tax savings. This provides you with tax savings in addition to retirement security.

Optimize Investments Through Parents

You may receive additional tax benefits if you route your investments through your parents. Investigate this unorthodox strategy to improve your overall tax preparation.

Consider Unique Tax Deductions

Consider unconventional solutions and go beyond conventional inferences. You may want to maximise your tax preparation by taking into account deductions for wedding presents or children's tuition.

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