How to save tax: Often we try to save tax in many ways, but people often do not keep these things in mind in tax planning. We are telling you such methods here, to get complete information stay connected with the news till the end.
When we file income tax return , we often regret that we did not do tax planning properly . You have tax planning opportunities throughout the year . Although we try to save tax in many ways, there are some different methods of tax planning which we generally do not adopt. Although these methods are not that different, people often do not keep these things in mind in tax planning. We are telling you such methods here.
1. Wedding gifts
At weddings, the bride and groom receive gifts in abundance, be it products, cash or cheques. Gifts can range from low-cost to very expensive items, including items that would otherwise attract tax. But gifts received during marriage are exempted under Section 56(2) of the Income Tax Act. You can claim discount on these gifts.
2. Investment in the name of parents
Senior citizens in the country get separate tax benefits. So you can gift money to your parents to reduce your taxable income. They can get tax exemption by investing this amount in Senior Citizen Scheme or Senior Citizen FD.
3. Expenses on health
You can also save tax on the health expenses of your parents. Under Section 80D, you can claim a rebate of up to Rs 25,000 on insurance premium. If you are paying premium on medical insurance in the name of your parents, you can also claim a separate exemption.
4. By donating
You can also save tax by donating and doing charity. On some donations you get 100% deduction, while on others it is 50%. However, you get this exemption only on deductions made in cash or cheque.
