5 Simple ways to Save money on Income Tax in India

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Best Tax Saving Plan
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5 Simple ways to Save money on Income Tax in India
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• Do you start sweating at the mention of taxes?
  Taxation is a sensitive subject and most people
  feel the pinch while paying taxes. Parting with a
  considerable chunk of you hard earned money is
  undoubtedly a painful experience. However, nobody
  can escape from the clutches of taxes it is
  mandatory for every citizen of India. Therefore,
  to ease the worries of the taxpayers, the
  government of India, has passed various tax
  saving laws. Many Indians are unaware of the
  various options to save tax legally and end up
  resorting to illegal means. The Indian Tax Laws
  are very simple and easy to comprehend. By
  utilizing the various provisions of the Income
  Tax Act, you can save a substantial amount on
  taxes. Here are a list of useful tips to save up
  on income Tax-
• Investing in Provident Funds All the
  Investments under a provident fund are exempted
  from tax under section the 80C if the Income Tax
  Act. You also have the option to contribute
  voluntarily through VPF, which is also tax free.
  Earnings up to an amount of 1.5 Lakh is exempted
  from tax under section 80C. However, make sure
  that you keep your PF passbook updated as the
  records of the investment are required at the
  time of filing returns in July.

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• Medical Insurance-
• The rising medical care costs have made health
  insurance an important investment. Health
  insurance policies ensure that seeking medical
  help does not exhaust your financial resources.
• The tax deduction under medical insurance is
  provided under the section 80D. By producing
  proof, such as the receipt of medical insurance,
  you can claim tax benefits of as much as Rs.
  15,000 to Rs. 20,000.
• Life Insurance Life insurance comes in various
  forms such as endowment plans, term plans, whole
  life plans etc. Regardless of the type of life
  insurance plan, Best Tax Saving Plan are assured.
  The premiums paid toward a life insurance policy
  is eligible for tax benefits under section 80C of
  the Income Tax Act. Maximum deduction that can be
  claimed under life insurance Rs 1.5 lakhs.
• Donating for a social cause Donations for
  charitable purposes are exempted from income tax
  if made to an organization recognized by the
  government of India. The Income tax department
  issues a registration number to charitable
  organizations for receiving donations under
  section 80G of the Income tax Act.

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• Donations to some organizations are exempted from
  tax up to 100 and some are exempted up to 50.
  However, to claim the tax benefit while filing,
  you need to produce the receipt with the
  registration number mentioned in it.
• Investing in ELSS ELSS stands for Equity
  Linked Saving Scheme. ELSS is perhaps the most
  popular Sec 80C investments. Under ELSS,
  investors can enjoy the benefits of capital
  appreciation, as well as tax benefits. The
  investments made under this scheme is eligible
  for tax exemption, of up to a limit of Rs. 1.5
  lakh.

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