Tax Deductions Services
Reducing the gross income earned by various means can significantly impact the tax liability of a person. It is why many taxpayers search for methods that can help decrease the amount. This writeup expounds, comprehensively, the reductions that can be made under section 80C and 80D.
Whatever you earn in a given year, from your job or business, investments or rent, or even from horseracing, is liable to be taxed. But the government does give you several options to save on tax if you’re willing to invest your money on what it sees as beneficial, which it has laid out under Sections 80C, 80D and 80G, among others. These include investments in certain government schemes, insurance or a home loan. The benefits of each scheme, however, differs from one another. Let’s find out where you can save on tax, how much and whether they’re the right fit for you.