The financial year 2018-19 is almost coming
to an end. Therefore, it is important for the salaried individuals to save and
plan their taxes accordingly. These taxpayers are in large numbers; hence, it’s
crucial to plan the decision beforehand. Here are few tips from File My Return that provides the best use of tax
exemptions, allowances, deductions, available under the Income Tax Act, 1961.
1. Analyse your salary slip closely.
As a regular corporate citizen, you need to
pay the tax on your income. Although the HRA is levied from the taxes. However,
it is only exempted when you have shown that you are living in a rented house
and pay its rent on a monthly basis. Claim your benefits via supportive
documents related to tax saving investments.
2. Medical Insurance Premium
Save those medical bill receipts so that
you save taxes by the end of the year. Do you know that ₹15,000/- is
non-taxable on medical expenses in the name of your spouse, parents, sibling,
and children.
3. Have a look at Section 80
Section 80E is the interest paid on loan
taken for education. It allows to deduct any interest that is paid for studying
abroad. If you have any health insurance policy, that comes under the Section
80D, hence, you can avail the tax benefits if you file your ITR. There are a
lot many sections that can help you in saving taxes. Know a detailed
description in the investment declaration form that is given by your employer.
4. Agricultural Income is totally exempt
from income tax according to Section 10 of Part III of the Act.
5. Dividends received upon investing in
long term equity shares or mutual funds. Long term means a period in excess of
12 months.
Knowing your salary slip is the primary
step to be added in your checklist! Go through the following details: earnings,
allowances, and deductions. Effective planning and saving prior will exempt you
from all those unnecessary taxes! For any queries, you may contact us:
No comments:
Post a Comment