As a salaried employee, you have several options to save tax legally. Here are 5 smart strategies:
1. Maximize Section 80C
Invest up to ₹1.5 Lakhs in ELSS, PPF, EPF, NPS, or life insurance premiums to claim deduction under Section 80C.
2. Health Insurance Premium (80D)
Claim deduction up to ₹25,000 for self/family and additional ₹50,000 for parents' health insurance premium.
3. Home Loan Benefits
Claim up to ₹2 Lakhs deduction on home loan interest under Section 24(b) and principal repayment under Section 80C.
4. NPS Extra Benefit (80CCD)
Get additional ₹50,000 deduction over and above Section 80C by investing in National Pension System.
5. HRA Exemption
If you live in a rented house, claim HRA exemption to reduce your taxable income significantly.