tax saving ideas

[Miteshamonkar]

Annual Income: INR 858,000
Investment in Tax Saving Funds: INR150,000
No Home Loan
Not Interested in NPS

 

[17ysaurabh]

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.

 

[Pahulpreet Kaur]

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 ???

 

[Tax with Ria]

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 ???

Invest in ELSS tax saving MF

 

[Tax with Ria]

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)

 

[Pahulpreet Kaur]

Invest in ELSS tax saving MF

ELSS will come under 80C

 

[Tax with Ria]

ELSS will come under 80C

Yes, ELSS comes under 80C but if you haven't exhausted the limit, you can invest in ELSS, they are giving good returns. Also if you need any personal advice you may DM me

 

[Tax with Ria]

Invest in ELSS tax saving MF

Apart from that you'll get deduction of interest in savings bank account under 80TTA
. If you've invested in any EV, then get deduction under 80EEB.

 

[akash90]

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 ???

Do you have home loan?

 

[Pahulpreet Kaur]

Do you have home loan?

yea am aware of home loan or education loan benefits but unfortunately dont have any such

 

[dharshgupta]

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?

 

[Tax with Ria]

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]

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.

 

[NIRANJAN SINGH RANAWAT]

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.

 

[Tax with Ria]

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

 

[shivam009]

If you don't mind you want 90% refund of tds amount at time of ITR filling then dm me