Understand tax exemption in a new light!

Mamtajadhav0101 Dec, 2021Other

You're always thinking about tax exemption, aren't you? A single salaried professional hasn't escaped this thought. There is another way to exempt taxes in addition to Section 80C and Section 80D - Section 80G of the Income Tax Act. By setting forth various deductions that can be claimed depending on an individual's income calculated as taxable, Section 80G of the Income Tax Act reduces the tax burden on individuals. In order to simplify this, let me give you some examples - tax expenditure savings can come from several sources, such as investments, house rent, medical insurance, and interest on savings accounts. As a result, not only does the government relieve taxpayers of the burden, but it also promotes those activities for which these deductions are applicable.