6 ways to save tax without making any investment

financialexpress.com:

We are all familiar with the fact that investing in tax-saving avenues such as life insurance, NPS, PPF, ELSS, Sukanya Samriddhi Scheme, NSC, among others, is necessary to save tax. However, not many of us are aware of the different tax provisions that can help us reduce our tax liability without making any investments.

According to tax experts, there are several provisions in the Income Tax Act, 1961, that allow individuals to save tax on expenses incurred by them, even if they have not made any specific investments for tax-saving purposes. One such option is to claim a deduction under Section 80C of the Income Tax Act, where a maximum deduction of up to Rs 1,50,000 can be claimed in a financial year. The following expenses are eligible for deduction under Section 80C under the old tax regime:

The Income Tax Act allows for a deduction for tuition fees paid to any university, college, school, or other educational institution located in India up to Rs 150,000. This deduction is available for the full-time education of up to two children of the individual. However, payments made towards development fees, donations, or similar expenses are not covered under this deduction. Additionally, tax authorities have clarified that full-time education includes play-school activities, pre-nursery, and nursery classes.

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In addition to Section 80C, there are several other options available for saving taxes on expenses. Here are a few examples:

Donating to charitable organizations is a common way for individuals to contribute to society and help those in need. Under Section 80G of the I-T Act, individuals can claim a deduction for donations made to approved organizations.