Saving Options for Income Tax Rebate: Finance Minister Nirmala Sitharaman has given relief of up to seven lakh rupees in the new slab of income tax in the budget of the year 2023-24.
After the announcement of the Finance Minister, especially middle class salary employees are looking for saving options to save tax. However, only those who have opted for the old tax regime will get tax relief through savings. If you have not done this, then from April 1, 2023, the new tax system will be implemented by default. In such a situation, apart from 80C, there are many options related to savings to save tax.
National Pension Scheme
National Pension Scheme (NPS) is a good option to save and save tax. Along with this, this system also secures your old age. Under section 80CCD (1B), if you invest in the National Pension Scheme, you get an additional tax rebate of up to Rs 50,000. If someone has crossed his annual investment limit of Rs 1.50 lakh, he can get tax exemption by investing up to Rs 50,000 in a financial year in NPS.
Tax exemption on home loan
Home loan is a good option to save tax. Tax exemption can be availed on home loan interest up to Rs 2 lakh. For this, the taxpayer will have to tell about the loan and its EMI and interest payment while filing the return.
Let us tell you that you will get this exemption only when you are living in that unit or that unit should be in your name. Under section 80TTA of Income Tax, you can get relief from TDS in interest up to Rs 10,000 in a financial year. This rule applies to all bank’s savings accounts. If you have more than one savings account, the taxpayer is advised to calculate the interest earned from all the accounts. At the same time, senior citizens can get tax exemption of up to Rs 50 thousand in interest under section 80TTB.
