Income Tax News: Golden Saving Opportunity! Individuals With Salaries Above 15 Lakhs Can Save BIG, Check These Insider Tips to Trim Your Deductions

Income Tax News: In India, reducing taxes on income over 15 lakhs necessitates careful planning and using all available exemptions and deductions. Here are a few practical strategies to reduce your tax obligation.

Maximize Section 80C Deductions

The Income Tax Act's Section 80C allows individuals to deduct up to 1.5 lakhs [1]. To benefit from these alternatives, invest in PPF, ELSS, NSC, and EPF.

Utilize Section 80CCD(1B)

To be eligible for further deductions of up to 50,000 rupees, one must contribute to the National Pension System (NPS).

Opt for the Old Tax Regime

To optimise tax savings, think about going with the previous tax system and utilising all of the exemptions and deductions.

Leverage HRA and LTA

To lower taxable income, take full advantage of the House Rent Allowance (HRA) and Leave Travel Allowance (LTA), if you are entitled.

Utilize Deductions for Home Loan Interest

Those who have a house loan are eligible to deduct interest paid under Section 24 as well as the principle amount (under Section 80C).

Consider Professional Tax Deduction

Under Section 16(iii), claim deductions for professional taxes paid to the state government.