There are only a few days left for the end of the financial year 2021-22. In such a situation, there is limited time left to save tax and invest before March 31. If you also want to take advantage of different deductions to save income tax, then here we are going to give you some investment tips that will increase your income tax deduction and will help you in paying income tax.
Exemption in section 80C of income tax – In section 80C of income tax, exemption is available only up to Rs 1.50 lakh. To increase this exemption, you can also take advantage of section 80CCD (1B), in which this exemption increases to Rs 2 lakh. For this exemption, you have to invest in schemes like PPF and NPS.
Health insurance premium can be claimed – You can claim premium for health insurance under section 80D. How much tax exemption you will get under 80D depends on who is included in this policy and what is their age. In this way, you can claim tax savings up to Rs 25,000, Rs 50,000 and Rs 1 lakh.
Education loan discount If you have taken a loan for your children’s education, then you can claim tax exemption on its repayment. Tax exemption can be taken on the interest portion of the education loan under Section 80E. The benefit of this tax exemption can be taken from the child to the parents. It depends on who is repaying the loan. There is no limit on tax exemption. You can claim tax exemption on the interest as much as you want.
Income tax exemption on charity If you donate to charity, then you can also get income tax exemption through this. Let us tell you that some donations for charity get a discount of 100 percent and some up to 50 percent. Income tax exemption is available on donations given to charity by check of Rs 2000 in cash and above.