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The best way to save 2018 income tax

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The best way to save 2018 income tax

Just as the tax is the duty of each person. In the same way, planning for taxation while under the purview of law is also the right of every person. Perhaps you do not know the information, let us know that we have many such options which we can save by doing good planning of tax. Today, we are going to tell you how many years 2018 we can save income tax. Let's know about these methods.

Life Insurance

Life Insurance is the first way to save income tax. Life Insurance Policy does not only secure your future but also does tax saving. You can take insurance from any Insurance Company (Insurance Company) who is accredited with the Insurance Regulatory and Development Authority of India (IRDAI). In this, you get the benefit under Section 80C. For your information, please tell that you can claim up to 1.5 lakh in the financial year.

Medical Insurance

The way to save the second best income tax this year is Medical Insurance. In this, you can claim the Deduction Amount up to Rs. 25000 and there is a provision up to Rs. 30,000 for Senior Citizen. With this, if you are paying Medical Insurance Premium for your parents, then you can also claim a claim amounting to Rs. 30000.

Pension Plan

Tax can be saved even after taking a pension plan. Many companies recognized by the Insurance Regulatory and Development Authority (IRDAI) are offering a pension plan. Here, under the sub-section 80CCC of the IT Act, any person can claim a Deduction up to Rs 1.5 lakh.

Saving Schemes

Many income tax Sevings Schemes like Sukanya Samriddhi Yojana, NPS, PPF etc., which can be invested by the government, you can do Tax Savings. These schemes can claim up to Rs 1.5 lakh under section 80C.

Education Loan

If a person takes education loan for higher education then he can save tax under section 80E. Taxes can be saved even if a person takes a lawn to study for himself, his wife or children. If a person takes education loan to go abroad and does not get the benefit, then the Gazetted Office of the Government of India can not get the benefit.

Tax Saving Mutual Funds

There are several ways to save tax, one of which is the Mutual Fund. Mutual funds are a good option for tax saving. Tax Savings can also be done with good returns here. If seen, those who invest in Tax Saving Mutual Fund get returns upto 34%. Investing in these funds is another advantage with tax savings that Lck-in Period is only three years old. According to experts, this is a very good way to get more good returns in the future.

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