Tax Saving Tips: It is important for any taxpayer to get information about tax exemptions and exemptions. Many times, by taking decisions thoughtfully, money gets reduced. It becomes easier to work with scientists. Expert advisor regarding these losses, you can decide whether you can claim all the deductions and residuals that you have listed
Tax Saving Tips: It is important for any taxpayer to get information about tax exemptions and exemptions. Many times, by taking decisions thoughtfully, money gets reduced. It becomes easier to work with scientists. After consulting about these losses, you may decide that you can claim all the deductions and allowances that you have listed. With this you can save a lot of tax every year.
Taxpayers have the provision of tax exemption under 80C. Under this, you can save money by investing in placements like PPF, ELSS, NSC and EPF. If there is no information about this, there can be a danger of getting more tax exemption. How to time your taxes to avoid mistakes
Don’t know about deductions: Under Income Tax Act 80C, there are many avenues for tax saving investments like Public Provident Fund (PPF), Equity Linked Savings Scotch (ELSS), National Savings Certificate (NSC) and Employee Income Tax. In this, Rs 1.5 lakh can be saved annually.
Not availing House Rent Allowance (HRA): If you are a salaried class individual taking HRA as part of your salary, you can claim exemption on rent paid subject to certain conditions. You may miss out on this tax saving by not submitting rent receipts or documents to your employer.
Health Insurance Premium: Premium paid for health insurance policies for self, spouse, children and parents is eligible for deduction under Section 80D. Tax liability may increase if you do not avail this deduction.
Non-utilisation of NPS (National Pension System) benefits: Contributions made to NPS are eligible for tax deduction under section 80CCD (1B) if they exceed the limit available under section 80C. Not availing this additional deduction may result in missing out on tax saving opportunities.
Last Minute Tax Planning: Procrastination Is Expensive! Don’t wait till March to invest for tax savings. Invest in the scheme in the beginning itself so that you can earn tax free interest also.
