There is a slew of options that can help you safeguard your income and save taxes legally so that you can make your money work for you.
Some of the ways that you can save tax legally are listed here:
Investments under Section 80C
A maximum benefit of ₹1.5 lakhs per annum can be saved when you make investments in 5-year Tax saving fixed deposits, National Pension System, Term Life insurance premium, Public Provident Fund, National Savings Certificates etc.
Under Section 80D, the premium paid for medical insurance for self, spouse and children as well as for parents is exempt upto ₹25000 and ₹50000 if your parents are above 60 can be claimed.
Read the full story that first appeared in The Free Press Journal dated May 30, 2021 here: