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7 Ways How Can A Salaried Woman Saves Taxes

7 Ways How Can A Salaried Woman Saves Taxes

Jan 04, 2024 By LOANMANI.COM 126 Views Category: Financial Insights

As a salaried woman, it's important to take advantage of tax-saving opportunities to maximize your income and keep more money in your pocket. 

Here are 7 ways you can save taxes:

  1. Invest in a health insurance policy: You can claim a deduction of up to Rs. 25,000 under section 80D of the Income Tax Act for paying the premium on a health insurance policy.
  2. Claim deductions on home loan interest: If you have taken a home loan, you can claim a deduction of up to Rs. 2 lakh on the interest paid on the loan under section 24(b) of the Income Tax Act.
  3. Claim deductions on HRA: If you are a salaried woman living in a rented house, you can claim a deduction on House Rent Allowance (HRA) under section 10(13A) of the Income Tax Act.
  4. Claim deductions on education loan: If you have taken an education loan to fund your own or your spouse's education, you can claim a deduction on the interest paid under section 80E of the Income Tax Act.
  5. Claim deductions on donation: Donations made to recognized charitable institutions can be claimed as a deduction under section 80G of the Income Tax Act.
  6. Opt for a tax-saving fixed deposit: You can claim a deduction of up to Rs. 1.5 lakh on investments made in a tax-saving fixed deposit under section 80C of the Income Tax Act.
  7. Invest in Equity Linked Savings Scheme (ELSS): ELSS is a type of mutual fund that offers tax benefits under section 80C of the Income Tax Act. Investing in ELSS can help you save taxes and earn higher returns.

By implementing these tax-saving strategies, you can reduce your taxable income and save on taxes, thereby increasing your take-home pay.

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