The time is around when you need to pay a part of your earnings as Income tax. Many people pay a lot of amount(about 10-20% income) as Income Tax. Though its a nice thing as this money is paid back in terms of public services but still there are lot of ways by which you can save Income Tax.
In India, the amount you are required to pay as Income tax is already substantially reduced but taking smart Tax tips you could restrict your tax payment (Income Tax) to just 1% of your Income (gross Income).
If you are a earning man you are required to Pay Income tax only when your Income exceeds Rs 1.5 Lakh and this amount is Rs 1.80 lakh if you are a woman.
Simple tax tips and investments can help you save almost 88% of Income tax you are otherwise required to pay. Lets show this how can you save Income tax in India.
Indian Income tax department already allows basic exemption limit. Now you can save upto Rs 30000 of tax by investing upto Rs 1 lakh under section 80C. This 1 Lakh is deducted from your taxable income if you invest it instruments covered under section 80C. You can always refer to post on Save Tax under Section 80C and find out how and where can you invest and save tax.
If you are paying for tuition (education) of your Children then this money is also exempted from Income Tax, Principal component of home loan are also incurred in this (Interest which you pay upto Rs 1.5 lakh on home loan is also deduct-able). So, some people can avail maximum deduction of Rs 1.5 Lakh by taking some smart decisions.
You can also claim deduction upto Rs 20000 to buy a mediclaim policy for your parents (if at-least one of them is senior citizen). Apart from this you can also get deduction of Rs 15000 against medical policy for yourself, your spouse and children.
So, by taking smartly investing and taking Tax tips you can save good amount of Income tax. Reminding you that 31st March is approaching, its high time to invest your money and save tax.
In India, the amount you are required to pay as Income tax is already substantially reduced but taking smart Tax tips you could restrict your tax payment (Income Tax) to just 1% of your Income (gross Income).
If you are a earning man you are required to Pay Income tax only when your Income exceeds Rs 1.5 Lakh and this amount is Rs 1.80 lakh if you are a woman.
Simple tax tips and investments can help you save almost 88% of Income tax you are otherwise required to pay. Lets show this how can you save Income tax in India.
Indian Income tax department already allows basic exemption limit. Now you can save upto Rs 30000 of tax by investing upto Rs 1 lakh under section 80C. This 1 Lakh is deducted from your taxable income if you invest it instruments covered under section 80C. You can always refer to post on Save Tax under Section 80C and find out how and where can you invest and save tax.
If you are paying for tuition (education) of your Children then this money is also exempted from Income Tax, Principal component of home loan are also incurred in this (Interest which you pay upto Rs 1.5 lakh on home loan is also deduct-able). So, some people can avail maximum deduction of Rs 1.5 Lakh by taking some smart decisions.
You can also claim deduction upto Rs 20000 to buy a mediclaim policy for your parents (if at-least one of them is senior citizen). Apart from this you can also get deduction of Rs 15000 against medical policy for yourself, your spouse and children.
So, by taking smartly investing and taking Tax tips you can save good amount of Income tax. Reminding you that 31st March is approaching, its high time to invest your money and save tax.
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