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(Tax-savings are inclusive of cess at 4 per cent) Alternatively, suppose your gross total income for FY 2020-21 is Rs 10.5 lakh. By claiming a deduction of Rs 1.5 lakh under section 80C, your net taxable income reduces to Rs 9 lakh. By claiming the deduction, you will now be in the 20% tax bracket instead of the 30% bracket. 5 popular investment avenues for tax deduction under Section 80C Autoplay1 of 7 ​Commonly-availed tax-savers One of the most common deductions available under the Income-tax Act, 1961 is section 80C. The deduction under 80C can be claimed only if an individual opts for ...

Here is a quick look at how you can save tax by using various deductions allowed under the Income-tax Act. Host: Tania Jaleel; Producer: Paramveer Singh

Synopsis Here is a look at expenses/deductions which can be used to reduce tax payable under the old tax regime. Getty Images The month of March marks the end of the financial year and is the time when taxpayers needs to evaluate their tax liability taking into account eligible deductions, based on their income for that financial year (FY). Not availing certain eligible deductions can result in higher tax outflow. It is to be noted that from FY 2020-21, a taxpayer can choose to pay tax under the new, concessional tax regime. In case the taxpayer opts for the new tax regime, he/she will have ...

Did you know you that can claim tax deduction on stamp duty? Here are other tricks that can help you cut tax. Host: Tania Jaleel; Producer: Paramveer Singh

Updated Feb 27, 2021 | 05:58 IST Section 80C of the Income Tax Act includes various investments and expenses you can claim deductions on – up to the limit of Rs. 1.5 lakh in a financial year 5 tax saving schemes with guaranteed returns up to 7.6%  New Delhi: Tax planning is extremely important and the best time to start planning your tax-saving investments is at the beginning of the financial year. Most taxpayers procrastinate till the last quarter of the year, resulting in hurried decisions. Instead, if you plan at the start of the year, your investments can comp...