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12 Smart Ways of Saving Tax This Year

Manage taxes efficiently, stress less by saving tax and live more, secure your financial goals by getting tax-free returns in the abovementioned schemes. Read more https://digitalsushma.com/smart-ways-of-saving-tax-this-year/

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12 Smart Ways of Saving Tax This Year

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  1. 12 Smart Ways of Saving Tax This Year The tax system is complex, and many of us do not properly understand the entire taxation system. As a result, many of us develop an aversion towards tax. For example, if your income does not exceed 2,50,000, then you are saved from paying tax; however, if your yearly income is more than 2,50,000 then it is your duty to pay tax. However, by doing some smart investments, you can pay minimum tax despite earning more. If you are still wondering how to save tax or thebest tax-saving ways, then read the entire write-up to gain some knowledge. Some Smart Ways of Saving Tax Home Loan: Buying a house on loan is a prudent investment decision as it helps you to save tax to a considerable extent. Home loan interest has a tax deduction of up to two lakhs per annum. Further on the principal amount, you can avail of tax redemption of 1.5 lakhs per annum. Thus buying a house on loan is one of the best tax saving options. Savings Account: You can consider keeping some amount of money in your savings account as the interest on a savings account is tax-free up to 10000 per year under section 80TTA. This amount exceeds up to 50,000 for senior citizens.

  2. Charity: If you are a benevolent person, congrats, as you can save tax by making some donations. The NGOs where you want to donate must have an 80G certificate. You can enjoy a tax exemption limit of 50 percent of the donated amount and 10 percent of your adjusted total income. Health Insurance Premiums: If you are looking for smart tax-saving ways, then you can invest in a good health insurance. You can get a tax exemption of up to 25000 in the health insurance premiums. For senior citizens, the amount is up to 50000. Tax Saving FD and ELSS Funds: Tax savings FD can provide a tax exemption of 1.5 lakhs under 80C. ELSS funds are mutual funds where 80 percent of your assets get invested in equity shares, and they have a lock-in period of three years. Therefore, you can enjoy long-term capital gains of 10 percent on ELSS. Continue Reading……. --------------------------------------------------------- Visit us at: Digital Sushma Email: contact@digitalsushma.com Stay Connected Via: https://www.facebook.com/digitalsushma https://www.instagram.com/digitalsushma/ https://www.linkedin.com/company/digital-sushma/ https://in.pinterest.com/digitalsushmacom/ https://www.twitter.com/digitalsushma

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