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  • Writer's pictureShirish Durve

IncomeTax savings options generally skipped

Tax saving options under Income Tax Act generally not known

  1. For your parents you can claim medical expense if they have no policy you can claim upto Rs 50,000 as deduction

  2. LTA/LTC you can claim once in block of 4 years present block 2018-21. Eligible expenditure in travel fare. Taxi fare also can be claimed

  3. If you are staying in a rented house you can claim upto Rs 60,000 as deduction provide you do not own a house

  4. Bank interest eligible for deduction upto Rs 10,000 Senior citizens Rs 50000

  5. Donation having 80G exemption eligible for deduction upto 10% of Gross Income

  6. N P S (National Penson Scheme) upto Rs 50,000

Pls circulate to your friends and relatives

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