Skip to main content

Financial Year is going to end in 3 months, Have you planned Your Taxes?

 As F.Y. is going to end in 3 month, there is just short time left for tax planning & tax saving investment decisions.

We have various options & instruments under the Income Tax Act, 1961, whereby one can reduce their taxable income & thereby save on the tax outflow. 

Below is the list of various tax saving instrument for individuals:-


1. Section 80C

You can claim a deduction of Rs 1.5 Lakh. In simple word you can reduce your taxable income to 1.5 lakh. 

It is available for individuals & HUF.



2. Section 80CCC - Insurance Premium

It provides a deduction to an individual for any amount paid or deposited in any annuity plan of LIC or any other insurer.

The maximum deduction that can be claimed under this section is Rs 1.5 Lakhs.

Click here 👈for more info.


3. Section 80CCD - Pension Contribution

It relates to deductions available to individuals against contributions made to the National Pension Scheme (NPS) or the Atal Pension Yojana. Contributions made by the employers towards NPS, also come under this scheme.

Click here 👈for more info.


4. Section 80TTA - Interest on Saving Account

Individuals or an HUF can claim a deduction of maximum Rs 10,000/- against interest income from your savings account with a bank, co-operative society, or post office. 

Deduction is not available on interest income on fixed deposits, recurring deposits, or interest income from corporate bonds.


5. Section 80GG - House Rent Paid

It is deduction for House Rent Paid where HRA is not received. Thus, an individual can claim a deduction for rent paid even if he or she does not get house rent allowance. The taxpayer, spouse or minor child not own residential accommodation at the place of employment.

 Click here 👈for more info.


6. Section 80E - Interest on Education Loan

Taken loan for pursuing higher education?? no worries, you can claim it as deduction. This loan may have been taken for the taxpayer, spouse or children or for a student for whom the taxpayer is a legal guardian. 

80E deduction is available for a maximum of 8 years (beginning the year in which the interest starts getting repaid) or till the entire interest is repaid, whichever is earlier. There is no restriction on the amount that can be claimed.


7. Section 80EE- Interest on Home Loan

This section allows to get tax benefits on the interest portion of the residential house property loan availed from any financial institution. 

Click here 👈for more info.


8. Section 80D- Medical Insurance

You can claim a deduction of  Rs 25,000/- under this section on insurance for self, spouse and dependent children. An additional deduction for insurance of parents is available up to Rs 25,000/- if they are less than 60 years of age. If parents are aged above 60 years then the deduction amount is Rs 30,000/-


10. Section 80DD- Disabled Dependant

It is allowed to Individuals or HUFs for a dependant-who is differently abled and is wholly dependent on the individuals (or HUF) for support & maintenance.

Click here👈for more info.


Checkout below amazing FD rates from Shriram Transport Finance

If you are interested, you can contact: 9987540127


Comments

Post a Comment

Popular posts from this blog

Low Risk Investment: PPF, FD, RD

  My last post was about various types of investment. In this post you will get brief about PPF, FD & RD Below listed type of investment is less risky as compare to investment in stock & mutual fund hence returns from this investment is also low.   A)   Public Provident Fund (PPF)   Why it is popular? It is used by most of the individual as tax-saving schemes Where to open? It can be opened in a designated post office or a bank branch. It can also be opened online with few banks. Minimum & Maximum amount? Minimum amount to keep account active is Rs 500 & Maximum amount that can be deposited in a Financial year is Rs 1.5 Lakh . Bhai Interest kitna milega? Approx. 7.1% per annum (as of April 2020). Good News!!! Interest tax free hai. Advantage 1.        Avail loan from third year onwards. 2.        Your money is absolutely safe. 3.     ...
3 comments
Read more

Investment Strategies

  No explanations why we need to invest? I think covid pandemic has taught us the value of saving & investment. I had came across many people who want to invest, but still confuse where & how to invest. There are basically various types of investment. What type of investment 💲  suits you entirely depends upon how much risk you willing to take. 1. Physical Assets: It means investment in real estate gold/ Jewellry, commodities etc. 2. Financial Assets: Investment in Fixed Deposits with bank, post office, insurance, PPF, Pension fund,      shares, bonds, debentures etc. Nowadays investment through mutual fund is growing in rapid speed. A small advice if you are beginner than before directly investing in share market, invest in mutual fund it will give you small idea how share market works.
3 comments
Read more

Ever wondered why rent agreement is made for 11 months most of the time?

Recently one of my friend was looking for an rented apartment. He asked me for the procedures, what will be duration of rent agreement & various things. I thought it will be a good idea to make a blog on this topic so that you as well me can take reference of this blog before entering into rent agreement. What is Rent agreement? The rent agreement is also called as lease agreement. It's basically a written contract between the owner of the property & the person who takes it on rent. Owner=  Landlord  : Person who takes it on rent=  Tenant.   What does Rent agreement contains? 1. Terms & conditions based on which the property is let out 2. Description of the property (address, type & size) 3. Monthly rent, security deposit, purpose for which property can be used (residential or commercial), duration of the agreement. 4. Notice period & the circumstances under which the said agreement can be terminated along other vital inclusions. Importance of Dur...
Post a Comment
Read more