Most people try to save a lot of tax under Section 80C by investing in schemes like Public Provident Fund (PPF), National Pension Scheme (NPS) and ELSS. However, we forget such tax saving methods which can help in saving tax without investment. Lets find out which are those?
The IT Dept has tightened its grip against those who evaded tax by donating to small political parties. Notices have been sent to about 5,000 taxpayers. How was this whole game of tax evasion going on? How did Income Tax come to know about this? What things you should keep in mind while you claim tax deduction on donations?