Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: ACCOUNTING STANDARD :: VAT RATES :: articles on VAT and GST in India :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARDS :: TDS :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax

5 ways to maximise you income tax return
February, 16th 2017

Taxes are unavoidable but you can surely minimize its impact by filing the Income Tax return every year. Whether you have invested your money or made large payments against loans, travel or insurance it's time to look back at the year to maximise your deductions and thereby lower your tax burden.

Taxes are unavoidable but you can surely minimize its impact by filing the Income Tax return every year. Whether you have invested your money or made large payments against loans, travel or insurance it's time to look back at the year to maximise your deductions and thereby lower your tax burden.

There are many heads under payments and investments against which you can claim your deductions, but here are the top 5 that you shouldn't miss out:

1. Contribution made towards Public Provident Fund (PPF)
Investments in these small saving instruments start from as low as Rs 500 up to Rs 1.5 lakh with a rate of interest at 8 per cent per annum.
While the lock-in period is 15 years, withdrawal is possible under certain conditions.
The investment, the gains as well as the withdrawals are completely tax-free.

2. Employer's Provident Fund (EPF)
The employer's contribution to your EPF is tax-free, and your contribution is tax-deductible under Section 80C of the Income Tax Act.
The total PF amount deducted annually can be claimed by you as deduction while computing your total taxable income.
So the money you invest in your EPF, the interest earned and the lump sum withdrawal after the specified period are exempt from income tax.

3. Home loan
If you have a home loan to repay you can claim a deduction against the principal repayment up to Rs 1.50 lakh under section 80C.
You are also eligible for a deduction up to Rs 2 lakh for the interest on home loan paid under Section 24 in case of a self occupied house. While for the second house you can claim the entire amount of interest paid as deduction.

4. House Rent Allowance
If you are staying in a rented accommodation, you can claim a tax deduction against the rent paid if HRA is a part of your salary.
Between the rent allowance provided by the employer, The actual rent that you pay minus 10% of your basic salary and 50% of your basic salary (if you are living in a metro city) 40% of your basic salary (if you reside in a non-metro city) the least amount will be allowed as tax exemption on your HRA.

5. Health and Life Insurance
Investments made towards health insurance can be claimed up to Rs 25,000 under section 80D of the Income Tax Act against the premium paid for yourself, your spouse and children.
Payment of life insurance qualifies for a deduction of up to Rs 1.5 lakh on premium paid for LIC as well as all other private insurance companies.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions