8 ways to save taxes on your Salary🤑
A Thread🧵⤵️
Hit retweet🔁to reach the maximum taxpayers!
#taxation #investing
A Thread🧵⤵️
Hit retweet🔁to reach the maximum taxpayers!
#taxation #investing
Be it taxes on salary, bonus or business income, nobody likes paying a part of their income to govt.
So, here are some of the ways through which you can save your taxes⤵️
So, here are some of the ways through which you can save your taxes⤵️
▣ Interest on Savings Account:
Section: 80TTA
Interest on savings accounts held in post offices, banks, etc., is taxable under “income from other sources”, but no TDS is deducted.
The max of Rs 10,000 can be claimed as a deduction.
Section: 80TTA
Interest on savings accounts held in post offices, banks, etc., is taxable under “income from other sources”, but no TDS is deducted.
The max of Rs 10,000 can be claimed as a deduction.
However, it is crucial to note u can not open as many savings accounts to claim the deduction. It includes all the interest earned from all the savings accounts combined.
This deduction is available to individuals and HUFs
This deduction is available to individuals and HUFs
▣ National Pension Scheme(NPS)
Section: 80CCD(1B)
NPS is an amazing option for tax saving as we as retirement. This scheme is for you if you want to save over and above 80c.
Section: 80CCD(1B)
NPS is an amazing option for tax saving as we as retirement. This scheme is for you if you want to save over and above 80c.
▣ House Rent Allowance
Section: 10(3A) or 80GG
If you live in a rented home, u can avail exemption on payment of tax. If u do not live in a rented apartment, u may skip this part.
Section: 10(3A) or 80GG
If you live in a rented home, u can avail exemption on payment of tax. If u do not live in a rented apartment, u may skip this part.
▣ Home Loans
Section: 24B
If u have housing loan, you have these benefits:
Interest: Whatever interest you pay for the loan, you can claim tax deduction fr up to Rs 2 lac under section 24.
Also, the EMI paid against loan is tax deductible under sec 80c fr up to Rs 1.5 lac
Section: 24B
If u have housing loan, you have these benefits:
Interest: Whatever interest you pay for the loan, you can claim tax deduction fr up to Rs 2 lac under section 24.
Also, the EMI paid against loan is tax deductible under sec 80c fr up to Rs 1.5 lac
▣ Health Insurance Premium:
Section: 80D
Getting yourself & your family members health insurance is no longer an option in times of rising inflation.
The benefit of tax deduction is available for health insurance paid for self, children, spouse & parents.
Section: 80D
Getting yourself & your family members health insurance is no longer an option in times of rising inflation.
The benefit of tax deduction is available for health insurance paid for self, children, spouse & parents.
▣ Treatment of specified diseases
Section: 80DDB
If you are going through a specified disease & getting an expensive treatment, a deduction on tax liability can be claimed while filing ITR.
Section: 80DDB
If you are going through a specified disease & getting an expensive treatment, a deduction on tax liability can be claimed while filing ITR.
▣ Charity/ Donation
Section: 80G, 80GGA
Donating money is a good deed and helps you save taxes.
If you wish to donate beyond Rs 2,000, you’re only eligible for such deduction if you make donations through ways other than cash like cheque.
Section: 80G, 80GGA
Donating money is a good deed and helps you save taxes.
If you wish to donate beyond Rs 2,000, you’re only eligible for such deduction if you make donations through ways other than cash like cheque.
▣ Section 80c
We have kept this last since almost everyone is aware of it. Under this section you can avail tax deduction of upto Rs 1.5lakhs. The investment options are:
ELSS Funds
FDs
NPS
ULIPs
Sukanya Samriddhi Yojana
NSC
Insurance
PPF, etc
We have kept this last since almost everyone is aware of it. Under this section you can avail tax deduction of upto Rs 1.5lakhs. The investment options are:
ELSS Funds
FDs
NPS
ULIPs
Sukanya Samriddhi Yojana
NSC
Insurance
PPF, etc
Apart from this, Quest provides you with the details on every investment scheme and this Personal Finance course will help you allocate your investment in different asset classes to create an ideal portfolio - bit.ly/quest-personal…
This is how you can access the course⤵️
This is how you can access the course⤵️
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