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Home Business Finance

HOW TO SAVE TAX LEAGALLY

Srusti Mishra by Srusti Mishra
September 14, 2022
in Finance
Reading Time: 3 mins read
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Everybody wants to pay less tax; if you can dream it, you can do it. Saving taxes is not very hard. You just have to keep all the documents so you can show it as proof in the assessment year, or you’re going to get in trouble which, of course, nobody wants. So here is a simple math “the way you plan your deduction becomes the basis for the calculation of your income tax.”  Let me simplify [Gross salary –Deduction = Taxable income].

Health insurance

Health insurance provides medical coverage to the insured against any medical emergency or expenses, plus it can save you some tax you’re paying to the government, add it to your pay slip, and claim deduction from taxable income.

Life insurance

Life insurance is essential for you these days, especially if you are the sole earner of your family. Premium on a life insurance policy can be claimed as a deduction.

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Home loan

One of the most significant advantages of owning a home is the tax benefits on the home loan that come with it. Tax breaks on home loans are a long-term investment that will give you tax breaks for a long time.

Education loan

The spending for pursuing education can let you save on income tax. The tax benefit of taking education loan is that the interest paid on education loan can be claimed as a deduction while calculating your taxable income.

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Charitable funds

If you made some contribution to certain relief funds and charitable institutions, you could claim a deduction, but however, not all donations are eligible for deduction. This deduction can only be claimed when the contribution is made via a cheque, draft, or cash (food, medicines, clothes, etc., are not deductible).

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Srusti Mishra

Srusti Mishra

I'm Srusti Mishra. I work for BPLD, a local clothing company of where I live. I work as an account manager there. I'm honored to work as a contributer for USA Wire. I'll write about personal finances, motivation, book reviews and helpful ideas. Hoping that it will make a positive impact on your lives.

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