What are best tips to save taxes in after latest budget 2024?

[shubhamk06]

I am curious to know what are the different things we can do to minimize tax in India after latest budget 2024. I am learning about taxation and all, but still have very less knowledge about it. As per the studies which I have read that many country takes around 4 out of 12 months of income as tax from salaried individual annual income. So please tell us what are the tips which we can do to save more tax and invest it in good assets.

 

[coffeesomday]

To save some bucks on your taxes in India after the 2024 Union Budget, here are some cool tips:

1. Choose the Right Tax Regime:
   • Compare old (deductions) vs. new (lower rates) regimes for your situation.
2. Tax-Free Investments:
   • PPF, Sukanya Samriddhi Yojana, ULIPs, and municipal bonds.
3. House Rent Allowance (HRA):
   • Claim if staying in rented accommodation.
4. Smart Salary Structuring:
   • Use allowances like transport, education, and meal coupons to reduce taxable income.
5. Manage Capital Gains:
   • Invest in Section 54EC bonds or another residential property to save tax.
6. File Accurately:
   • Ensure you claim all deductions and exemptions when filing ITR.
7. Stay Updated:
   • Keep track of budget changes for effective tax planning.