The deadline to file income taxes is getting closer. Additionally, the fiscal year 2022-23 is about to come to an end. In this case, it is expected that income tax has to be paid on earnings earned during the year 2022-23. In contrast, If your earnings are tax-deductible, then, in accordance with your income tax bracket the tax also has to be filed. However when you file your taxes under the old tax code and you are a taxpayer, then you will also receive the benefit of numerous tax exemptions.
Investment Schemes
There are many instruments through which you can get tax exemptions through investment. You are eligible to claim tax deductions of up to 1.5 lakh under the Section 80C deduction provisions from the Income Tax Act (ITA) of India. To do this, you are able to put your money into the Employees Provident Fund (EPF), Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS) and Sukanya Samriddhi Account, Tax Saving FD, National Savings Certificate (NSC) and Senior Citizen Savings Scheme.
Loan for home
Repayment of the principal of a home loan and interest could be a huge tax-saving opportunity for you. If you have a home loan that is ongoing you may be eligible for an exemption on the principal amount of repayment in accordance with section 80C. Interest payments on home loans can also be deducted to an amount of up to 2 lakh. To reap all the benefits, your home loan must be substantial.
Tax exemptions can be accessed for the payment of interest on education loans.
The limit is not set to the amount that can be deducted. However, unlike a mortgage primary repayment waiver isn’t accessible. Make sure to talk with someone who has knowledge of investment banking in order to maximize the tax-saving benefits of the loan.
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