Business / Tax Saving These steps can be taken to save tax no investment will have to be done

Income Tax: There are many deductions available under different sections of income tax which help in reducing the taxable income. Most people try to make the most of the Section 80C limit by investing in popular schemes like Public Provident Fund (PPF), National Pension System (NPS) and Equity Linked Savings Scheme (ELSS). However, there are other ways to save tax as well which can help us reduce our tax expenses without any investment. Let us know how you can save tax without investing.

If you donate to any political party or charitable organization, you can avail tax exemption. Any donation made to approved political parties/charitable organizations can be claimed as a legal deduction as per section 80GGC of the Income Tax Act.

education loan

Students who have taken an education loan to pursue their studies are given tax benefit under section 80E on repayment of loan interest. However, the deduction is provided only for the interest portion of the EMI. There is no tax benefit for the principal portion of the EMI.

Rent

Deduction under section 80GG can be claimed if taxpayers do not get House Rent Allowance (HRA) as part of their salary or if they are self-employed persons. To avail this deduction, they have to submit Form 10BA. They can claim a deduction of up to Rs 60,000 under this section.