5 Ways You Can Save Tax Without Making Fresh Investments

Category: Finance

The Income Tax Act, 1961 provides various deductions under both the new and old tax regimes to help reduce tax liability. Key deductions include those for travel expenses, housing loan interest, tuition fees, donations, life insurance premiums, and medical insurance premiums. Taxpayers can claim significant deductions, with specific limits and conditions outlined for each section, including 80C, 80D, 80E, and 80G.

Keywords: Income Tax Act, Tax Deductions, New Tax Regime

Source: Outlook India

Update At: 7/23/2024

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