Tax saving technique : Income tax return (ITR) filing is mandatory for all taxpayers. It comprises all the details about annual income and tax liability. Government gives tax rebate and exemption under sections of income tax act 1961. Every taxpayers apply numerous tactics to save taxes, here are four expert recommended tax saving methods that you can use in Financial year 2023-24.

Invest in tax saving Schemes

Under the article 80c of income tax act, some small saving schemes are exempted from income tax. In order to save tax, you can invest in these schemes.

 Open a Public Provident Fund (PPF) account and invest for future with tax saving benefits

if you works in organised sector then invest in  Employees’ Provident Fund (EPF)

Equity Linked Savings Schemes  (ELSS) are one of the best tax saving option

National Pension System  (NPS) gives tax saving benefits with pension benefits

These are some more small saving schemes that you can opt as a tax saving investment scheme 

 Senior Citizen Savings Scheme (SCSS),  Sukanya Samriddhi Yojana (SSY), Fixed Deposits (FDs) with 5 year lock-in period.

Selects Tax regime wisely

As a new tax regime was introduced in the budget  2023-24, Indian citizens now have two types of tax regimes to choose. The brand new tax regime would not allow you to claim HRA and other deduction benefits but it allows you to claim full tax rebate if you earn up to 7 lacs in a year. So, You need to evaluate the tax saving scenario with these two regimes and then choose an appropriate one for you.

Buy health insurance plan

Purchasing health insurance comes with double benefits, first it is essential for every individual in today’s scenario and second it gives you tax saving benefits.    As per law a taxpayer can claim up to Rs 25,000 for paying  health insurance premiums. Section 80D of income tax act empower you to claim deduction spent for health insurance. Senior citizens can claim up to 50 thousand.

Avail benefits of tax saving with home loan

Every taxpayer is eligible to claim the deductions related to interest and principal money of home loan. If you have taken any home loan then as per law you can claims up to 1.5 lacs deduction as per IT act 80c

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