1)Start investing your money in Equity linked savings schemes or ELSS. As it has less lock in of 3 years period. This can be allocated for all your long term investment goals – Section 80C
2)Get pure Term Insurance or Life Insurance this year – Section 80C
3)Get Mediclaim or Health Insurance policy – Section 80D
4)Invest in NPS, if you are falling under 30% tax bracket – Section 80CCD (1B)
5)Donate for a purpose every year and claim tax under Section 80G
In total below are the total tax savings you can make this year,
Section 80C – 1,50,000
Section 80D -25,000/50,000
Section 80CCD(1B) – 50,000
Section 24 – 2,00,000
Section 80G – No limits
You can try to save tax only in these sections and after this is exhausted, you need to pay tax. Invest wisely for your future and stop worrying about the taxes you are going to pay year after year.
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