I'am working in the IT sector in TCS with about 8 years of experience and earning approx. 90 lakh per annum. However, a significant component goes as tax inspite of 80 CC investments. What other tax saving options can i have?
Ans: With an annual income of around 90 lakhs, besides utilizing Section 80C for tax savings, you could explore options in old regime such as health insurance deductions under Section 80D, claiming exemptions for home loan interest under Section 24, and optimizing benefits like House Rent Allowance (HRA) under Section 10(14) if applicable. Additionally, consider contributing to the National Pension Scheme (NPS) for an extra deduction under Section 80CCD(1B).
Seeking advice from a tax professional can help tailor these strategies to your specific financial situation and goals.