Tips and Tricks: Follow THESE 5 techniques to SAVE income tax

Income tax is the largest deduction from a person's earnings. However, the government offers a number of alternatives for investors to invest in different plans to lower income taxes. Continue reading to know about these alternatives.

For LIC premiums, EPF and PPF contributions, and investments in pension plans, a tax credit is given under Section 80C. Your eligibility for relief of up to Rs. 1.5 lakh may exist.

If you are thinking about getting a home loan or are already paying one-off, you can also apply for a tax rebate. Keep in mind, you are not permitted to request relief for sums over Rs 1.5 lakh.

If you invest in the National Payment System, Section 80CCD may allow you to receive a tax reduction (1B). You would also get Rs. 50000 rebates in addition to the 1.5 lahks 80C rebate.

You may also submit an HRA rebate under 80GG. You can apply for a reimbursement with your rent receipts if you are not eligible for HRA under Section 80 GG.

If you have health insurance, you might be eligible for a tax credit. However, in order to do this, you must submit a Section 80D rebate. You are entitled to a refund of Rs 50000.