Income Tax News: Why Pay More? Corporate Honchos Earning 30 Lakhs and Above Check These Unconventional Tax Saving Opportunities

Income Tax News: Tax-saving techniques are essential for those in India who make more than Rs. 30 lakhs a year in order to maximise their money and minimise their tax obligations. Here are a few practical ways to reduce taxes on a salary over thirty lakhs.

Utilize Section 80C Deductions

Increase your Section 80C deductions by making investments in a variety of tax-saving options, including tax-saving fixed deposits, the National Pension System (NPS), Public Provident Fund (PPF), and Equity Linked Savings Schemes (ELSS).

Contribute to NPS

To receive deductions under Section 80CCD(1B) up to an extra ₹50,000 over the ₹1.5 lakh Section 80C limit, invest in the National Pension System (NPS).

Claim Deductions on HRA and Home Loan

Claim House Rent Allowance (HRA) exemptions and deductions under Section 24(b) on interest payments for home loans and Section 80C on principal repayments for loans that qualify.

Opt for Health Insurance

Purchase health insurance for your parents, husband, kids, and yourself, and make use of Section 80D discounts.

Utilize Other Deductions

Take advantage of Section 80G deductions for charitable contributions, Section 80E deductions for interest on education loans, and Section 80DDB deductions for medical treatment of specific disorders.