5 tax saving options you may not know about

Tax saving plays a significant role in achieving financial objectives. The deductions allowed under the income tax act help an individual in reducing the taxable income. There are a number of deductions available under various sections that help in lowering the taxable income. Most of us try to make the maximum use of Section 80C limit by investing in popular schemes such as PPF, NPS, ELSS, NSCs. However, there are other ways of saving taxes too.

A relatively lesser-known option to save tax under Section 80C is payments towards tuition fees that individual taxpayers can claim and not HUFs. This avenue covers for tax savings towards tuition fees paid on two children’s education.