There are a number of tax exemptions possible but one has to know them. At the office we were all discussing how to save tax without investment and it was our senior who gave us a list of things we can follow to avoid paying tax. Now let me tell you at first only that it is not that you are taking some illegal step, evading tax in this case is just a way to save your money and exempt the taxes possible. People do not even know that they need not always pay the taxes so let me tell you about such cases where tax payment is not necessary.
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How to save income tax without investment?
Some cases where tax exemption is allowed are:
House rent allowance: Employees can claim HRA or House Rent Allowance that comes under exemption as per the Income Tax Act Section 10. If not tally, then do know that it can be partially exempted
Education Loan: Section 80E allows deduction of interest that gets paid to the financial institution for educational loan
Housing loan: Deduction for the interest on the loan for buying or constructing a house property is allowed by the Income Tax Act under Section 24 (b).
Medical expenses for senior citizens: Section 80D allows deduction for health insurance premium that gets paid for self or family members concerned.
Children’s tuition fees, education allowance, tuition fees or more:
Any allowance for children’s education provided to an employee gets tax exempted under Section 10.
I am sure many of you did not know about these. I hope after knowing
how to save tax without investment , you will be able to save a lot more money than before
Read More:How to save tax for salaried employee?
What is Section 80C of Income Tax Act?
What is Section 80D of Income Tax Act?
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Authors Of The Question
How To Save Tax Without Investment?
Khurram
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1 Answers
2 Year
2022-09-22T09:09:44+00:00 2022-09-22T09:09:46+00:00Comment
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