Income Tax News: Saving Bonanza! Salary 60 Lakhs and Above, Follow These Tips Save BIG on Taxes

Income Tax News

Income Tax News: In India, handling taxes on a salary over 60 lakhs requires careful use of the provisions that are available as well as strategic planning. Key techniques to lower tax liability are listed below:

Leverage Section 80C Deductions

To receive tax deductions of up to ₹1.5 lakh under Section 80C, invest in tax-saving vehicles like as PPF, ELSS, NPS, and Tax-saving FDs.

Optimize NPS Contributions

Increase your tax savings by making contributions to the National Pension System (NPS) and utilizing Section 80CCD (1B) to claim additional deductions of up to ₹50,000.

Embrace Health Insurance Benefits

Get health insurance for you and your family so you may benefit from Section 80D deductions, which allow you to deduct up to ₹25,000 for yourself and ₹50,000 for elderly persons.

Leverage Home Loan Interest Deductions

Make use of Section 24(b) deductions for house loan interest payments; claims for self-occupied properties are limited to ₹2 lakh.

Explore Equity and Debt Investments

For long-term capital gains tax exemption, think about investing in debt funds and ELSS, as the former offers tax-free profits after a three-year lock-in period.

Maximize HRA and LTA Benefits

Effectively handle the components of the Leave Travel Allowance (LTA) and House Rent Allowance (HRA) to reduce taxable income and maximize tax savings.

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