Tax Saving Options for Salaried Employee for FY 2022-23

FY 2022-23 is about to end, just 3 months left for the end of the FY 2022-23, many salaried employees must be seeking different tax saving options in order to reduce the amount of Tax deducted in the form of TDS. There is multiple Investment option available in order to save taxes that will be deducted from salary. Some of them are listed below:

  1. Home Loan: Buying a house is not a small investment, but In India, Investment in Real Estate are giving highest return through Investment. As there is drastic appreciation in Property value every year. So, Buying Home is the best Investment option beside this the Interest and Principal amount paid is also allowed as deduction. Principal amount is allowed as deduction in Section 80C whereas Interest amount is allowed as deduction under Section 24b.

  2. Education Loan: Interest amount paid on education Loan can be claimed as Deduction under Section 80E of Income Tax Act, 1961. The Interest amount can be claimed for self, spouse, children’s as well.

  3. Donation: The Charitable Donation given to the Charitable Trust is allowed as deduction under Section 80G. Up to 50% or 100% as per the list of the Institute released by the Department. The Taxpayer just needs to ensure that the Trust should have 12A and 80G registration valid at the time of Donation to get the benefit.

  4. House Rent: If you are not getting benefit of HRA for House Rent paid by you then you can still claim deduction of House Rent paid by you under Section 80GG of Income Tax Act, 1961 up to Rs. 60,000/-

  5. Health Insurance and Medical Expenditure: One can claim deduction of Health Insurance paid and Medical Expenditure incurred by them for themselves as well as for their Family under Section 80D of Income Tax Act,1961.

  6. Section 80C: There are various Investments options available under Section 80C of Income Tax Act, 1961. These Investments are tax free Investments and the limit of Investment is Rs. 1,50,000/-.

The above mentioned are some of the Tax Saving Options available for a salaried Employees to save tax for the FY 2022-23. For more options, Contact us on +91 7620144726 or write to us on Visit our website here – CA in Mumbai.