9 Income Tax Saving Tips with extra benefits in 2022

1. Tax Planning Through Home Loan

Principal of Home loan up to 1.5 lakh under 80c and Interest up to 2 lakh can be deducted from income.

2. Income Through Savings Account Interest

Interest earned on a savings account is exempt for taxation up to Rs. 10000/- and for senior citizens the limit increases to Rs. 50000/-

3. By Investing Tax-Saving Instrument

Invest to good saving instrument like Mutual Fund, GPF, PPF, NPS, Sukanya Samridhdhi Yojona etc.

4. Extra Contribution to National Pension Scheme

You can contribute up to Rs. 50000/- extra into the National Pension Scheme, as this amount will be tax free.

5. Loan for Education Purpose

The interest paid on Education Loan is tax free under section 80E of the income tax act. There is no limit of such category. 

6. Health Insurance Premium

Every tax payer can claim a deduction for medical insurance premiums paid in any given year under Section 80D 

7. Saving through HRA

When HRA is a part of salary, if you reside in a rented place, can avail House Rent Exemption under section 10(13A). 

8. Standard Deduction

There is a standard deduction of Rs. 50000. This is the maximum amount for all salaried person only.

9. Wedding Gifts

Wedding Gifts received is tax free under section 56(2).