13 Tips to Save Money on Your ITR Filing

by priyanka roshan | july 1, 2024

Maximize Deductions Under Section 80C

Claim up to Rs 1.5 lakh with PPF, NSC, ELSS, tax-saving FDs, life insurance premiums, and home loan principal.

Avail Health Insurance Benefits (Section 80D)

Claim health insurance premiums under Section 80D.

Deduction on Home Loan Interest (Section 24)

Claim up to Rs 2 lakh on interest for a self-occupied home loan.

Claim House Rent Allowance (HRA)

Deduct rent paid if receiving HRA from your employer.

Education Loan Interest Deduction (Section 80E)

Deduct interest on higher education loans with no upper limit for up to 8 years.

Boost Savings with NPS (Section 80CCD)

Claim up to Rs 1.5 lakh under Section 80C and an additional Rs 50,000 under Section 80CCD for NPS contributions.

Donations to Charitable Institutions (Section 80G)

Claim deductions for donations to specified funds and charities.

Tuition Fees Deduction

Deduct tuition fees for up to two children under Section 80C.

Tax-saving Fixed Deposits

Claim deductions for a 5-year tax-saving FD under Section 80C.

Maintain Accurate Documentation

Keep records for all investments, expenses, and deductions.

Consult A Professional

Seek help from a tax professional for accurate filing and claiming deductions.

Plan Investments Throughout the Year

Spread investments for better financial planning and tax benefits.

Review Financial Goals

Regularly review and align your financial goals and tax-saving strategies.