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Tax Saving Tips 2023

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By Author: Pawan
Total Articles: 1
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Invest in tax-saving schemes: You can invest in tax-saving schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), Equity-Linked Savings Scheme (ELSS), and Unit Linked Insurance Plan (ULIP) to avail tax benefits.

Claim home loan tax benefits: If you have a home loan, you can claim tax benefits on the principal amount and the interest paid under Section 80C and Section 24(b) of the Income Tax Act.

Utilize tax exemptions: You can utilize tax exemptions like HRA (House Rent Allowance), LTA (Leave Travel Allowance), and medical reimbursement to reduce your taxable income.

Donate to charity: You can donate to registered charities and non-governmental organizations (NGOs) to claim deductions under Section 80G of the Income Tax Act.

Invest in National Pension System (NPS): You can invest in NPS to avail tax benefits under Section 80CCD(1) of the Income Tax Act.

Health Insurance: Investing in a good health insurance plan for yourself and your family is important. You can claim deductions up to Rs. 25,000 for the premium paid under Section 80D of the Income Tax Act.

Savings account interest: You can also avail tax benefits on the interest earned on savings accounts. You can claim deductions of up to Rs. 10,000 under Section 80TTA.

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