Filing income tax returns is a crucial aspect of personal finance. There are several ways by which you can save money while filing an ITR.
Investing in tax-saving instruments such as ELSS, Public Provident Fund, or Employee Provident Fund can help you claim tax benefits of up to Rs 1.5 lakh.
Deductions under Section 80D allow you to claim benefits for health insurance premiums paid for self, spouse, children, and senior citizen parents.
A taxpayer who has taken a home loan can claim tax deductions of up to Rs 2 lakh on the interest paid on a self-occupied property.
Taxpayers can save on capital gains tax by reinvesting long-term gains into bonds or a residential house.
Taxpayers receiving a house rent allowance (HRA) can claim deductions.
Selecting the appropriate tax regime can significantly impact the taxes you pay. It is important to compare the new and old tax regimes before filing your ITR.
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