Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > 10 Tax Saving Tips for Salaried Individuals

Personal Use Loan

10 Tax Saving Tips for Salaried Individuals

10 Tax Saving Tips for Salaried Individuals

If you are a salaried individual, filing your tax returns isn’t something you look forward to. But don’t fret! There are some legitimate ways to save your hard-earned money from being taxed. 

As an Indian taxpayer, you can avail of tax benefits in two ways – by claiming certain expenses and by investing in tax-saving instruments. So, here are ten tax saving tips for salaried personsthat can help you take advantage of these two methods. 

1. Home loan interest

If you have taken a home loan or a personal loan for home renovation, you can claim tax exemption of up to Rs. 2 lakhs on the interest paid.

Go through Section 24B of the ITA to check if you’re eligible for this tax benefit. 

2. Home loan principal 

You can avail of a tax exemption of up to Rs. 1.5 lakhs on the principal amount payment of your housing loan or home renovation loan. Refer to Section 80C of the ITA to learn more.

You can claim this tax exemption in addition to the interest exemption under Section 24B and save taxes on a total of Rs. 3.5 lakhs. 

3. Education loan interest

While funding education with a personal loan, tax exemption for salaried people is permitted under section 80E of the ITA.

So, if you are sponsoring your child’s education with a loan, you can start claiming tax exemption on the interest amount from the year in which you start repaying. This benefit is available to you for the next 7 years. 

Additional Read – 5 Ways to Minimize your Taxes and Maximize Investments

4. Electric vehicle loan interest

Section 80EEB of the ITA allows you a tax exemption of up to Rs 1.5 lakh on the interest paid on EV loans. 

Use a personal loan EMI calculator to estimate the interest of your EMI and calculate how much you can save. 

5. Employee provident fund (EPF)

Under an EPF scheme, you and your employer can contribute a maximum of 12% of your salary to this fund. You receive a fixed interest rate on this amount, and all of your returns will be tax-free. 

6. Tax-saving fixed deposit

With a tax-saving FD, you can make your money grow and also save on taxes. You can claim tax deductions on your tax-savingFD’s invested amount under Section 80C.

7. House Rent Allowance (HRA)

If you live in a rented house, you can claim tax deductions on your HRA, provided that it isn’t included in your basic salary component. 

8. Life Insurance 

Life insurance premiums are tax-deductible under Section 80C.

9. Health Insurance

Health insurance premiums paid for self, spouse, elderly parents, and children are tax-deductible under Section 80D. 

Additional Read – 5 Tips to grow your wealth while saving taxes

10. National Pension Scheme (NPS)

You can claim tax benefits on your NPS contribution under section 80C of the ITA. You can also claim additional deductions of up to Rs. 50,000 under Section 80CCD(1b).

In conclusion

The next time you file your returns, make sure you use the above tips to save taxes. 

Do you want to finance your child’s education, fund their wedding, or pay your medical bills? Tata Capital is here to help with multipurpose loans for personal use.

To learn more about our personal loan interest rates and check your personal loan eligibility, visit our website. 

Apply Now

Get an Instant Personal Loan for all your needs !

Apply now
Popular Searches
loan without cibil personal loan for 15000 salary Loan for ring small cash loan on aadhar card pre approved personal loan What To Buy On Dhanteras Personal loan when self employed how to increase cibil score form 15g for pf withdrawal how to download aadhar card
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.