Income Tax: Important update for taxpayers, you can save tax of Rs 5 lakh in this way..

Income Tax: The process of paying income tax has started. With this, people are busy saving their taxes. Companies are also asking for investment and savings information from their employees.

If you also want to save your tax, then by taking these five steps in the current financial year, you can save up to Rs 5 lakh. With these, you can get better returns on your money. Besides, the security of your family will also increase. Let us know what measures you should take.

Section 80C of Income Tax is very useful-

Under Section 80C of Income Tax, you can save tax of Rs 1.5 lakh. Apart from mutual funds like ELSS, you can also get tax exemption on PPF, Sukanya, Tax Saving FD, NSE, etc.

A rebate of Rs 2 lakh will be available on home loan interest-

If you are thinking of buying a house then this is a better time for you. Under Section 24B of Income Tax, tax exemption of up to Rs 2 lakh can be availed on home loan interest.

75 thousand discounts will be available on health insurance-

If you have not yet taken health insurance, then take it as soon as possible. Apart from providing security to your family, it will also provide tax exemption. In this, you can get a discount of Rs 25 thousand on your family insurance and Rs 75 thousand on the insurance of your parents whose premium you pay.

Do retirement planning today itself-

It is wise to plan your retirement while you are on the job. With this, you can secure your future as well as save tax. If you invest in Tier 2 under the National Pension System, you can claim a tax exemption of Rs 50,000.