7 ways to save income tax for FY24

By Editorji News Desk
Published on | Jan 18, 2024

Home loan principle amount

Section 80C allows tax deduction of up to Rs 1.5 lakh on the principle amount under the old tax regime

Home loan interest amount

Section 24(b) allows for tax exemption on the interest under the Old Tax regime. Rs 2 lakh can be deducted for construction & Rs 30,000 for renovation

Education loan

Section 80(E) can be used to deduct entire interest paid on education loan under the Old Tax regime

Health Insurance Policy

Section 80D of old tax regime allows deduction of premium paid from annual taxable income. Rs 25,000 can be deducted & Rs 50,000 for senior citizens

Life Insurance

Section 80C can be used for deducting Rs 1.5 lakh on premium payments under old tax regime & Section 10(10D) is for received sum under new tax regime

Savings in govt schemes

Section 80C allows deduction of Rs 1.5 lakh under the old tax regime. Under new tax regime, salaried can deduct 10% of salary on NPS savings

Charity

Section 80G allows deduction ranging from 100% to 50% on any charity to notified institutions or funds under old tax regime