Invest in tax-saving instruments: You can claim tax deductions under Section 80C of the Income Tax Act, 1961 by investing in tax-saving instruments such as Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), National Pension Scheme (NPS), and tax-saving fixed deposits.
Claim home loan interest: If you have taken a home loan, you can claim deductions on the interest paid under Section 24(b) of the Income Tax Act. You can claim up to INR 2 lakh for a self-occupied property and the entire interest paid for a let-out property.
Medical expenses: You can claim deductions under Section 80D for medical expenses incurred for yourself, your spouse, dependent children, and parents. The deduction limit is up to INR 25,000 for yourself, spouse, and dependent children and an additional INR 25,000 for your parents. You can also claim an additional deduction of INR 5,000 if any of the insured persons are senior citizens.
House Rent Allowance (HRA): If you are a salaried individual and receive HRA from your employer, you can claim exemptions on the rent paid under Section 10(13A) of the Income Tax Act. The exemption amount is the minimum of the following: actual HRA received, 50% of basic salary (if living in a metro city), or 40% of basic salary (if living in a non-metro city).
Donations: You can claim deductions on donations made to certain charitable institutions under Section 80G of the Income Tax Act. The deduction amount varies based on the type of donation and the organization.
Education loan interest: You can claim deductions on the interest paid on education loans under Section 80E of the Income Tax Act. The loan should have been taken for higher education purposes for you, your spouse, or children.
Renting out property: If you have a property that you rent out, you can claim deductions on expenses incurred for the property such as property taxes, repairs, and maintenance. You can also claim depreciation on the property.
Remember to keep all the necessary documents such as receipts, investment statements, and loan statements, etc., for tax filing purposes.
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