My income is from Salary and Equity. Also home loan. Which form i fill to file IT return and how to save max tax

[naveen garg]

My income is from Salary and Equity. Also home loan. Which form i fill to file IT return and how to save max tax

 

[naveen garg]

My income is from Salary and Equity. Also home loan. Which form i fill to file IT return and how to save max tax
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[teklalnayak]

My income is from Salary and Equity. Also home loan. Which form i fill to file IT return and how to save max tax
ReplyReport •

Dear Naveen,
You can fill ITR 01 as well as ITR 02.
And for tax saving you need to check all deduction,exemption received in your activity.
For more information let me know.

 

[naveen garg]

Dear Naveen,
You can fill ITR 01 as well as ITR 02.
And for tax saving you need to check all deduction,exemption received in your activity.
For more information let me know.

Income salary 800000
Share markit 300000

Lic 54000
Education fee 72000
Home Loan intrust 153000
Home loan principal 48000

Lta calame kar sakta hu kia
Only 10000 petrol. Bill he
Last year LTA calame nahi kia

Senior citizens mother medical exp 25000(but bill not available)

 

[teklalnayak]

Income salary 800000
Share markit 300000

Lic 54000
Education fee 72000
Home Loan intrust 153000
Home loan principal 48000

Lta calame kar sakta hu kia
Only 10000 petrol. Bill he
Last year LTA calame nahi kia

Senior citizens mother medical exp 25000(but bill not available)

1)Income-tax Act allows three deductions from the salary income, i.e., Standard Deduction i.e. Rs.50000, Deduction for Entertainment Allowance, and Deduction for Professional Tax.

2)An investment of up to Rs. 1 lakh gets deduction under Section 80C. An investment of up to 10% of the basic salary is eligible for further deduction under Section 80CCD(2).

3)Section 80C: Under this section you can deduct payments made for life insurance for yourself, your spouse, or your children from your taxable income. A maximum deduction of 1.5 lakh would be allowed to you.

4)The tuition fees for tax deduction under Section 80C are available for individual taxpayers and Hindu undivided families (HUF) but not for corporations. The maximum deduction under this provision is allowed for up to Rs. 1.5 lakhs per financial year. Each taxpayer can claim deductions for two children.
5) Section 24(b) deduction on interest up to Rs.2 lakh per year on home loan, interest for self occupied property. No limit for non self occupied property.

6) section 80c deduction on principle. Up to Rs.1.5 lakh per year. On principle repayment of home loan.

7)LTA can claim for two journeys in a block of four years and not on every financial year. LTA can be claimed for that period when they were on leave for work and the period was marked as 'leave'.

8)Senior citizens (resident aged 60 years or above) who do not have any health insurance can claim a deduction up to Rs 50,000 on the medical expenses incurred.

If you think this is very helpful for you.let me know.

 

[naveen garg]

1)Income-tax Act allows three deductions from the salary income, i.e., Standard Deduction i.e. Rs.50000, Deduction for Entertainment Allowance, and Deduction for Professional Tax.

2)An investment of up to Rs. 1 lakh gets deduction under Section 80C. An investment of up to 10% of the basic salary is eligible for further deduction under Section 80CCD(2).

3)Section 80C: Under this section you can deduct payments made for life insurance for yourself, your spouse, or your children from your taxable income. A maximum deduction of 1.5 lakh would be allowed to you.

4)The tuition fees for tax deduction under Section 80C are available for individual taxpayers and Hindu undivided families (HUF) but not for corporations. The maximum deduction under this provision is allowed for up to Rs. 1.5 lakhs per financial year. Each taxpayer can claim deductions for two children.
5) Section 24(b) deduction on interest up to Rs.2 lakh per year on home loan, interest for self occupied property. No limit for non self occupied property.

6) section 80c deduction on principle. Up to Rs.1.5 lakh per year. On principle repayment of home loan.

7)LTA can claim for two journeys in a block of four years and not on every financial year. LTA can be claimed for that period when they were on leave for work and the period was marked as 'leave'.

8)Senior citizens (resident aged 60 years or above) who do not have any health insurance can claim a deduction up to Rs 50,000 on the medical expenses incurred.

If you think this is very helpful for you.let me know.

Thanks This for Support.
Please also. Clear I need one ITR-1 or both ITR-1, ITR -2 fill as income from Salary and Equity.

 

[abhiver]

ITR2, because you have income from other source as well. However, by equity, did you meant short term gain or long term gains. You can DM me for any help as I am accountant too.