5 ideal ways to save on taxes

Under old regime, no tax is payable on income up to Rs 5 lakh. Under new tax regime, you don’t have to pay taxes on an income up to Rs 7 lakh. 
 

If you have taken a home loan, you can claim tax exemptions under Section 80C on the principal amount. 
 

According to income tax rules, you can claim tax exemptions on interest paid up to Rs 2 lakh per year on a home loan, provided the property is self-occupied. 
 

You can claim an exemption of up to Rs 1.5 lakh under Section 80C of the Income Tax Act for contributions made to EPF. 
 

Companies also provide HRA as part of the salary package. Under Section 10(13A) of the Income Tax Act, you can claim exemption on HRA up to a limit. 
 

Under Section 80D, taxpayers can claim a deduction for premiums paid towards health insurance policies up to a limit. 
 

Parents who pay school fees of their kids’ education, can claim tax exemptions on the tuition fee under Section 80C.