How to Pay Less Income Tax for the Year 2023-24-A Simple Guide With Auto Calculate Income Tax Arrears Relief Calculator U/s 89(1) with form 10E for the F.Y.2023-24
Let’s talk about how you can pay less income tax for the years 2023-24. Therefore, It’s important to know this stuff, and I promise it won’t be too complicated.
Getting Tax Deductions
In other words, First, think about tax deductions. These are like discounts on your tax bill. You can use them to pay less tax. Here are some ideas:
1. Home Loan Interest
However, If you have a home loan, you can pay less tax. The government says you can take away the interest you pay on your loan from your total income.
2. Save Money
For instance, Put your money in places like the Provident Fund, National Savings Certificate, or other special accounts. When you do this, you don’t pay tax on that money.
3. Health Insurance
Above all, If you pay for health insurance for yourself or your family, you can pay less tax. The government likes it when you do this. They’ll give you a break on your taxes.
In addition, Making a Smart Tax Plan
Besides deductions, there’s something else to think about in tax planning. This means making a plan to pay less tax. Here’s how:
4. After that, Special Investments
Think about putting your money into things like the National Pension System or the Employees’ Provident Fund. These can help you pay less tax.
5. Renting a House?
If you rent a house and work for a company, you can pay less tax. Similarly, There’s something called a House Rent Allowance. It lets you keep more of your salary without paying tax on it.
6. Pick the Right Investments
When you invest, make choices that won’t make you pay a lot of tax. Above all, Try to invest for a long time. This way, you pay less tax on the money you make.
Tax rules can change. It’s important to know what’s new. Here’s how:
7. Read About Taxes
In addition, Keep an eye on the news. Sometimes, the government changes the tax rules. Above all, If you know what’s happening, you can use new tax breaks.
8. Ask for Help
However, Sometimes, taxes can be tricky. If you’re not sure what to do, talk to someone who knows about taxes. They can help you pay less tax the right way.
9. Plan Early
Don’t wait until the last minute. In other words, Start thinking about taxes early in the year. For instance, This way, you’ll have more time to save money on taxes.
Therefore, Paying less income tax for the year 2023-24 isn’t hard. Above all, You can do it by using tax deductions, smart planning, and staying informed. However, Remember, it’s about saving money legally and helping your country grow.