These schemes will give additional exemptions of up to 50000 in Income tax.
Income Tax Exemption Schemes
1- Tax exemption from home loan
Home loan for salary and business personnel is a good option to save tax.
Let us tell you that tax exemption of up to Rs 2 lakh can be availed on home loan interest very easily.
For exemption, the taxpayer will have to tell about the loan and its EMI and interest payment while filing the return.
2- Interest received in savings account
Under 80TTA, you can get relief from TDS in interest up to Rs 10,000 in a financial year.
If you have more than one savings account, then this rule applies to all your bank's savings accounts.
On the other hand, senior citizens can get a tax rebate of up to Rs 50,000 in interest under section 80TTB.
3- Tax exemption from NPS:
National Pension Scheme (NPS) is a good option for saving and saving income tax.
Under Income Tax Section 80CCD (1B), you get an additional tax rebate of up to Rs 50,000 on investing in NPS.
Those who cross the NPS investment limit of Rs 1.50 lakh annually, are tax exempted by investing up to Rs 50,000 in an FY.
In the budget of the year 2023-24, relief of up to seven lakh rupees has been given in the new slab of income tax.
New Tax Slab