Dear Jai,
Thanks for sharing your document on reducing taxes. Here are some additional practical ways to reduce taxable income specifically for individuals in India:
1. 🏡Invest in House Property: You can claim tax deduction of up to INR 2 lakhs on home loan interest under Section 24.
2. 📈Invest in NPS: National Pension System (NPS) is another good option. Under Section 80CCD(1B), you get an additional deduction of INR 50,000 above the INR 1.5 lakh limit.
3. 📚Education loan: Under Section 80E, you can claim a deduction on the interest paid on education loans with no upper limit.
4. 🏥Health Insurance: Premiums paid towards health insurance for yourself, spouse, children, and parents qualify for a deduction under Section 80D.
5. ❗️Life Insurance: Premiums paid towards life insurance policies are eligible for deductions under Section 80C.
6. 🚘Car Loan: If you use your car for business purposes, the interest paid on the car loan is tax-deductible.
7. 🧓🏽Save for Senior Citizens: Investing in schemes like Senior Citizens Savings Scheme (SCSS) or five-year fixed deposit with a bank or post office can provide tax benefits under Section 80C.
8. 🎖️Save through ELSS: Invest in Equity Linked Saving Scheme (ELSS). It qualifies for tax exemptions under Section 80C.
9. 📚Children's Tuition Fee: Tuition fees paid for your children's education can be claimed as a deduction under Section 80C.
Remember, planning is key🔑 in reducing your tax liability. Always keep all your documents and proofs handy for claiming these deductions.
Please consult with a tax consultant or financial advisor for personalized advice tailored to your financial situation.
Hope this helps!
Note: This advice is based on current tax laws in India and is subject to change. Please check the latest tax laws or consult a tax advisor.