Here's how you can save on your income tax
Updated : February 28, 2019 01:05 PM IST
We can opt for a refund and claim reductions in their taxable income if we have invested in government-backed funds or institutions such as LIC, PPF, Mediclaim, among others.
Options under this are PPF, Pension Funds, Senior Citizen Savings Scheme, Life Insurance, Fixed Deposits, Post Office Time Deposit Scheme and National Saving Certificate (NSC).
Also, if you have taken a home loan then you can claim a reduction of up to Rs 50,000 on the interest you have to pay against the loan, as per Section 80EE.