How much TDS will be deducted from your income depends on your tax slab rate bracket. Tax Deduction at Source is the tax deducted from your salary. This is a fixed percentage of tax deducted from the salary by the company. However, various options are available to ensure that TDS is not deducted.
TDS Deduction: How much TDS will be deducted from your income depends on your tax slab rate bracket. Tax Deduction at Source is the tax deducted from your salary.
This is a fixed percentage of tax deducted from the salary by the company. However, various options are available to ensure that TDS is not deducted.
TDS should not be deducted, do this work
To avoid deduction of TDS from income, you can submit Form 15G or 15H. Actually, Form 15H is for senior citizens. If there is no tax on the total income then you can submit this form.
To avoid deduction of TDS, you can go for different investment options. Additionally, TDS can be saved even when taking a home loan for the first time.
In which schemes can you invest?
- PPF (Public Provident Fund)
- NPS (National Pension System)
- ULIP (Unit-Linked Insurance Plan)
- Sukanya Samriddhi Yojana
- Tax saving FD
- ELSS (Equity-Linked Savings Scheme) Fund
PPF: It is a government scheme. With this scheme one gets the facility to save small amount and get returns on it. You can avail deduction under section 80C on investment.
Sukanya Samriddhi Yojana: If you invest in the scheme, you can get a maximum rebate of up to Rs 1.5 lakh in a year. This exemption can be availed with Section 80C of the Income Tax Act, 1961.
NPS- TDS can be saved by investing in NPS under Section 80CCD of the Income Tax Act 1961.
This is how you can save TDS on home loan
If you are taking a home loan for the first time, TDS on salary can be saved. TDS on home loan can be saved under section 80EE. You can get a maximum exemption of up to Rs 2 lakh in a year.
