7 Smart Ways to Maximize Your Tax Savings in 2024

Tax planning isn't just about filing returns—it's about making strategic decisions throughout the year that can save you thousands of rupees.

1. Maximize Section 80C Deductions

The most popular tax-saving option allows you to claim up to ₹1.5 lakh in deductions through:

2. Leverage Health Insurance (Section 80D)

You can claim up to ₹25,000 for health insurance premiums (₹50,000 if senior citizen). This includes premiums paid for yourself, spouse, children, and parents.

3. Home Loan Benefits

If you have a home loan:

4. NPS Contributions (Section 80CCD)

National Pension Scheme offers an additional ₹50,000 deduction over and above the ₹1.5 lakh limit of Section 80C.

5. Education Loan Interest (Section 80E)

The entire interest paid on education loans is deductible with no upper limit for up to 8 years.

6. Charitable Donations (Section 80G)

Donations to eligible institutions can give you 50% to 100% deductions based on the organization.

7. Choose the Right Tax Regime

Compare old vs new tax regime carefully. The new regime offers lower rates but no deductions, while the old regime allows all deductions but has higher slabs.

**Need help planning your taxes?** Contact me for a personalized tax strategy that maximizes your savings.