5 Best Ways To Save Your Tax Deduction

Now a days everyone thinking about that how they can minimize their tax deduction.So,First I will explain you the details of Tax and its slabs.

So, As per the new Budget tax slab has been changed and increased the tax deduction slab. Now If you are earning more than 2.5 lakh Rs Annualy,than you have to pay tax as per rules.

Tax Slab :-

2.5 Lakh – 5 Lakh = 10 %

5 Lakh – 8 lakh = 20%

8 lakh – above 10 lakh = 30%

So, This is the conditions and you need to pay tax.

But there are lot many legal and simple ways available to save your tax deduction or at least minimize your deduction.

So, Below I will provide you the details of that legal ways.

1.Life Insurance : Life Insurance is a very best and most convenient way to save your tax. Here in above line I said very best and convenient due to its feature. Because if you opt life insurance for tax saving, than it’s provide you multiple benefits. You are covered under insurance coverage in condition of death, illness, accident and lot many other things. Also Life Insurance is a way to reach your goal as well as keep discipline on your savings and investment,which will not show you immediate benefits,but after long time you will get a surprising result and you can achieve your goal as well.Life Insurance also provides a financial security to your family and you can save tax undersection 80C.

2.House Rent : This is also one of the best way to save your tax.You just need to submit rent receipt to your Company and your work done.

3.Health Insurance : Health Insurance also help you to save tax under Section 80D.You need to show your health insurance policy details and receipt to your company and you will get tax relaxtion.

4.Tax Saving Bond : This also one of the best way to save your tax.This will also a type of investment and related to market.But one major benefit is the higher return of Bonds,but the return is totally depends on the Market.

5.SIP : SIP means Systematic Investment Plan.This is great way to save your tax and if you invest regularly in SIP,you can definitely became a millionaire,because SIP provide you returns upto 30%.

So,Dear Choose this option and save your tax deduction.