When it comes to saving taxes most of us try to make the maximum use of section 80C limit of income tax Act. Buy health insurance for your spouse children parents.
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The tax credit allows seniors to save on taxes payable by giving them an annual tax credit on their first 2000 of pension income.
. The pension income tax credit PITC is a non-refundable tax credit that can be claimed on eligible pension income. Depending on your marginal tax rate 2000 of your pension income becomes. Here is a look at how this can be done.
However there are several ways where your parents wife and children can also help you save taxes.
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