How to Save Income Tax in India: Complete Tax Saving Guide

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Taxable income	Income Tax Rates
Up to ₹2.5 Lakh	Nil
₹2.5 Lakh – ₹5 Lakh	5% of total income exceeding ₹2.5 Lakh
₹5 Lakh – ₹10 Lakh	20% of total income over and above ₹5 Lakh + ₹12,500)
Above ₹10 Lakh	30% of the total income over and above ₹10 Lakh + ₹1,12,500)

Eligibility	Deduction Under Section 80D
Health insurance for individuals, spouse, children (below 60 years)	Up to ₹25,000
For individuals and parents (below 60 years)	Up to ₹50,000 (₹25,000 + ₹25,000)
For individuals (below 60 years) and Senior Citizen parents	Up to ₹75,000 (₹25,000 + ₹50,000)
For individuals and parents (both above 60 years)	Up to ₹1,00,000 (₹50,000 + ₹50,000)

How to Save Income Tax in India

Learn all about how to Save Income Tax in India

Income Tax Slab Rates in India

How to Save Tax on Salary in India?

Avail a Home Loan and enjoy Tax benefits under Section 80C

2. Buy a Health Insurance Policy

3. Undertake Investments

4. Park your Money in Government Schemes

5. Opt for Life Insurance Plans

6. Claim Exemptions if you live on Rented Premises

7. Donate to Charity

8. Support a Political Party

Few other Tax Saving options in India

FAQs about Saving Income Tax in India

✓ Can I submit an income tax return (ITR) form online?

✓ Do I have to pay tax on the accrued interest on my savings account?

✓ What if my income is below ₹5 Lakh?

More article about Income Tax in India

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