tax saving ideas

17ysaurabh

KF Mentor
If you have taken health insurance for yourself or your parents, you can claim up to Rs. 50k tax deductions.
You can check if your company has provided an HRA (House Rent Allowance) exemption if you are salaried and claim up to 40% of your basic salary.
 
I work as a freelancer, Any tax savings option apart from 80C, NPS, Medical Insurance (upto 25k additional for parent), Medical Expenses (upto 40k), rent and standard deduction ???
 

Ria

KF Ace
Annual Income: INR 858,000
Investment in Tax Saving Funds: INR150,000
No Home Loan
Not Interested in NPS
Currently your tax is 45864/-.
Claim traveling or daily allowance.
Claim HRA u/s 10(13A)
Purchase EV, can get deduction upto 150000 of int on loan taken
Mediclaim insurance, 25000 for yourself and 25000 for parents ( if senior citizen then 50000)
If you do not have HRA component then claim deduction u/s 80GG.
Get additional 50000 deduction u/s 80CCD(1B) apart from 80C by contribution to pension scheme of central govt/ atal pension yojana( it's different from NPS)
 

dharshgupta

KF Rookie
Currently your tax is 45864/-.
Claim traveling or daily allowance.
Claim HRA u/s 10(13A)
Purchase EV, can get deduction upto 150000 of int on loan taken
Mediclaim insurance, 25000 for yourself and 25000 for parents ( if senior citizen then 50000)
If you do not have HRA component then claim deduction u/s 80GG.
Get additional 50000 deduction u/s 80CCD(1B) apart from 80C by contribution to pension scheme of central govt/ atal pension yojana( it's different from NPS)
Hi Ria, I have worked for two companies this financial year, both have HRA component but i have submit any proof to them, as filling ITR how to calculate total HRA and how to claim that?
 

Ria

KF Ace
If you submit HRA information to finance department, it will update your FORM 16 and if you haven't submitted then also HRA exemption can be claimed in income tax portal while filing ITR-1.
 

dharshgupta

KF Rookie
thanks for replying
date is passed to submit proof with employer, so below is left with me now?

under below
If you do not have HRA component then claim deduction u/s 80GG.
 
Annual Income: INR 858,000
Investment in Tax Saving Funds: INR150,000
No Home Loan
Not Interested in NPS
You should switch to the new tax system instead of the old tax system. Because you will not have the financial stress of saving Rs 1.5 lakh and the tax will also be less. And you can invest this Rs 1.5 lakh in some other way and here you will get better returns.
 

Ria

KF Ace
thanks for replying
date is passed to submit proof with employer, so below is left with me now?

under below
If you do not have HRA component then claim deduction u/s 80GG.
Yes you're absolutely correct but maximum deduction you can claim under 80GG is 5000 per month
 
Top