A person’s salary is primarily deducted from their income as income tax. However, the government offers a wide range of options for investing in a variety of schemes to reduce income tax payments.
The deadline for Income Tax 2022-23 is getting closer. To take advantage of the benefits, all individuals who wish to avoid paying income tax must invest before March 31. There are five approaches.
Under Section 80C, you can get a tax break of up to Rs 1.5 lakh for investing in pension plans, paying LIC premiums, contributing to the EPF and PPF, and so on.
If you are taking out a home loan or have already paid it back, you may also be eligible to receive a tax rebate. You cannot claim relief for more than Rs 1.5 lakh because this falls under section 80C.
You can get a tax break under Section 80CCD (1B) if you make an investment in the National Payment System. In addition to the 1.5 lakh 80C rebate, this will provide you with a rebate of Rs. 50.000.
Under 80GG, you can also get a HRA rebate. You can use rent receipts to claim the rebate if you are not receiving HRA under Section 80 GG.
You may also be eligible for a tax credit through health insurance. However, you will need to make a claim for a rebate under Section 80D, and you can get a rebate of Rs.
You can also get tax breaks on these investments until March 31.
