How can I reduce my taxable income?
As of right now, here are 15 ways to reduce how much you owe for the 2019 tax year:Contribute to a Retirement Account.Open a Health Savings Account.Use Your Side Hustle to Claim Business Deductions.Claim a Home Office Deduction.Write Off Business Travel Expenses, Even While on Vacation.More items…•.
How can I save my income tax without home loan?
1. Section 80CEquity Linked Savings Scheme: Equity Linked Savings Schemes are a type of mutual funds with a lock-in period of three years. … Senior Citizen Savings Scheme: … National Pension System: … Term Life insurance premium: … Public Provident Fund: … National Savings Certificates: … Tax-saving FDs: … Home loan repayment:More items…
How can I invest to save income tax?
5 Tips on How to Save Income Tax in CanadaMaximize RRSPs. Make a contribution each year to your RRSP (Registered Retirement Savings Plan) to the maximum amount allowed (i.e. RRSP limit) for the year. … Deduct Employment Expenses on Your Personal Taxes. … Borrow Money to Invest. … Claim your Medical Expenses.
How can I save my income tax FY 2019 20?
Equity-linked savings schemes or ELSS offer tax deduction under section 80C of the Income Tax Act, for investments up to Rs 1.5 lakh in a financial year. You can invest via the SIP route or put in a lump sum amount. Click here to read more about ELSS.
How can I save my income tax other than 80c?
In this article, let’s take a look at the tax-saving options other than Section 80C to turn you into a smart tax saver.Section 80CCD: National Pension Scheme. … Section 80D: Payment of health insurance premium. … Section 80E: Repayment of an education loan. … Section 24: Interest payment of a home loan.More items…•
How do I maximize my tax return?
This year, follow these easy ways that can help you maximize your tax return.Don’t Leave Money on the Table. … Claim All Available Deductions, Including Charitable Contributions. … Use the Best Filing Status. … Report All Your Income. … Meet the Deadlines. … Check Your Math. … Check Your Bank Account Details.