How Can I Pay Less Income Tax?

Everyone looks for ways to save money, and managing GST efficiently is one such opportunity for taxpayers. The QRMP scheme allows small taxpayers to simplify GST compliance by filing quarterly returns while making monthly payments. However, to fully benefit from the scheme, it’s important to plan and opt for it in advance rather than waiting until the last moment. To understand how this can help streamline your GST filing and improve cash flow, read our detailed guide on whether GST taxpayers should opt for the QRMP Scheme.

In how many ways we can save income tax in India?

Interest income on saving and NRE account
Claim amount collected on life insurance
Educational scholarship
Profit from selling shares or property mutual funds
Earnings received on shares or mutual funds
Amount received as gifts on marriage
Agriculture income.
HUF account for secondary income.
Inherited amount through will.
Well known tax saving benefits under section 80C.
Tax savings on additional contribution to NPS.
Money received from provident funds.
Tax saving from home loan.
Tax saving on educational loan.
Medical insurance and treatment of a disabled dependant relative.
Medical treatment of detailed disease for self or dependent relative.
Donations

Tax saving tips for a business person in India

Distributed profit to partners in partnership firms<
Travel or hostel expenses in business
Food expenses in business.

Tax saving process for salaried persons

Leave travel allowance
House rent allowance (part of salary)
House rent allowance (not part of salary)
Income from gratuity
Meal coupons
Standard deduction
Company leased car
Telephone or internet expenses
Money under voluntarily retirement scheme- up to 5 lakh;

How to save tax under Sec 80C & 80D?

Invest of Rs 1.5 lakh under section 80C to reduce your taxable income
Buy medical insurance and claim a deduction up to Rs. 25,000 (Rs 50,0000 for senior citizens) for medical insurance premium under Section 80D.
Claim reduction up to Rs 50,000 on Home Loan Interest under Section 80EE.
Claim deduction for Professional Tax paid during the financial year under the applicable provisions of the Income Tax Act.

Investment options under Sec 80C?

The most common tax-saving benefits available to individuals and HUFs in India are under Section 80C of the Income Tax Act. Section 80C holds several investments and expenses you can claim deductions on up to the limit of Rs 1.5 lakh in a financial year.