In the financial year 2022–23, almost 7 crore Indians filed income tax returns. But even now, many people end up paying more tax than necessary. In Budget 2024, Finance Minister Nirmala Sitharaman introduced changes in the new tax regime. Magar most individuals are still confused about which benefits apply to them.

Agar aap bhi soch rahe hain ki income tax kaise bachaye, toh aap sahi jagah par aaye hain. Is blog mein hum kuch simple aur legal tarike share karenge jo aapke liye easy honge samajhne aur apply karne ke liye.

1. Use Section 80C to Its Full Potential

Section 80C is the most popular tax-saving section. You can claim deductions up to ₹1.5 lakh under it. You save tax, and your money stays secure too.

The following qualify for 80C:

1. Public Provident Fund (PPF) – Government savings scheme with tax-free interest. It has long-term returns.
2. Employee Provident Fund (EPF) – Retirement savings deducted from your salary. Even this one’s tax-free.
3. LIC premium payments – Premiums paid for life insurance policies from LIC.
4. 5-year tax-saving fixed deposits – Fixed deposits in banks which have a 5-year lock-in period have tax-saving benefits.
5. ELSS mutual funds – Equity-linked saving schemes with high returns and a lock-in of 3 years.
6. Children’s school tuition fees

Based on your income and financial goals, you can choose from the above. 

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2. Claim House Rent Allowance (HRA)

If you live in a rented house and receive HRA in your salary, you can claim an exemption.

To do this, you’ll need:

1. Rent receipts
2. Landlord’s PAN (if rent is above ₹1 lakh per year)

HRA exemption depends on your basic salary, rent amount, and city (metro or non-metro).

Ye ek simple way hai to lower your tax without extra investment.

Are you a housewife planning to start a small business? Do you wish to secure your financial future? Then, you need to know all the different government schemes for housewives. Have a look at our guide on it and become an empowered woman.

3. Save Tax with Health Insurance

Under Section 80D, you get tax benefits when you pay health insurance premiums:

1. For yourself: up to ₹25,000
2. For parents (senior citizens): up to ₹50,000

Soch ke dekhiye: you're securing your health and saving tax at the same time.

4. Education Loan or Donations Help Too

Section 80E: If you’ve taken an education loan for higher studies (India or abroad), you can claim a deduction on the interest you pay.

Section 80G: Donations to approved NGOs or relief funds qualify for tax deductions. Just ensure you have the proper receipts and the organisation is government-approved.

Janiye SBI E Mudra Loan me apply kaise karein! ₹50,000 tak loan lene ka process, fast approval ke steps aur how to apply Mudra loan with ease yahaan sikhein!"

5. Old Regime vs New Regime – Compare Before Choosing

Currently, there are two tax regimes:

1. Old Regime: Higher rates but allows deductions
2. New Regime: Lower slab rates but no major deductions

Don’t guess. Use an online tax calculator to see which regime works better for your income. Har kisi ke liye ek hi option best nahi hota.

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Frequently Asked Questions

Q1) Bank mein kitne paise par tax lagta hai?

If the interest earned from your savings account or fixed deposits exceeds ₹10,000 (or ₹40,000 for senior citizens) in a year, it becomes taxable.

Q2) Kitni salary par tax lagta hai?

If your annual income is above ₹7 lakh under the new regime, tax will apply. But you can reduce taxable income using deductions and exemptions.

Q3) Kaun sa byaaj tax-free hai?

Interest from PPF, Sukanya Samriddhi Yojana, and tax-free bonds is exempt from tax. But savings account interest is taxable above the basic limit.

You may feel saving tax is illegal. But it’s not; it’s smart. With the right planning, you can protect your hard-earned money and stay stress-free during tax season. Bas thoda sa awareness, aur thoda sa action chahiye!