Income Tax News: Golden Tax Saving Opportunity! Smart Tips to Save More For Salaried Professionals Earning 20 Lakh, Check

Income Tax News: In the event that your income exceeds twenty lakhs, there exist calculated methods to maximise your tax obligation. Here's a comprehensive guide on tax savings that works.

Utilize Deductions under Section 80C

Invest in tax-saving options such as NSC, PPF, and ELSS to get annual deductions of up to 1.5 lakhs.

Explore NPS Contributions

Make National Pension System (NPS) contributions and take advantage of deductions under Section 80CCD(1B) for amounts above the Section 80C cap.

Consider Home Loan Benefits

Taking out a house loan lowers your taxable income by allowing you to deduct interest paid under Section 24(b).

Optimize HRA and LTA

By giving your employer your rent receipts and travel invoices, you can maximise your exemptions from House Rent Allowance (HRA) and Leave Travel Allowance (LTA).

Include Tax-Free Components in Salary

Make sure that parts of your compensation plan such as tax-free reimbursements, special allowances, and HRA are included.

Explore Equity-Linked Savings Scheme (ELSS)

Invest in ELSS mutual funds to take advantage of Section 80C tax benefits and maybe earn high returns.

Health Insurance Premium

Get health insurance and submit a Section 80D claim to deduct the premiums you pay for your family, parents, and yourself.

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