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: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: form 3cd :: list of goods taxed at 4% :: empanelment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: VAT RATES :: cpt :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment
 
 
General »
 Top House tax writer suggests measures to mitigate the impact of the border tax
 Consumer goods distributors, wholesalers to bear the brunt of GST
 GST classification woes to continue
 There will be no tax on farm or agriculture income
 RBI, Income Tax Acts to be amended for electoral bonds, Jaitley says
  Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
 I-T zeroes in on Mumbai trader in first crackdown after demonetisation
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
 Income Tax Department Failed To Unearth Black Money Despite Information
 Govt filing twice as many cases as private cos in Supreme Court
 Taxes under GST 'to increase a bit', says CBEC Chairman

Deductions to reduce tax burden.
March, 23rd 2010

Claim these & ease your tax burden

The financial year 2009-10 is coming to an end. You can do some tax planning in the next few days and reduce your tax liability. The savings and investments must be made before March 31.

You need to compute your tax liability and pay off the outstanding income tax before March 31.

Some common deductions:

HRA

In order to claim the house rent allowance (HRA), you need to provide details of your rental expenditure along with the rental receipts.

Medical reimbursement

Medical expenditure, up to a limit of Rs 15,000 per annum, can be claimed as a deduction. Employees can reduce their tax burden by claiming the allowance with medical bills.

It is to be noted that the total deduction allowed is limited to the amount of gross total income.

LTA

Leave travel allowance (LTA) can be claimed. The allowance is provided to enable professionals to travel on leave once a year. You have to provide details of the travel to claim it. The allowance, as per the Income Tax Act, is tax-free once in two years or twice in a block of four years.

It is important to keep track of the year while claiming the tax benefit as it need not be taxed alternate years or twice in a block of four years.

During the remaining two years, the allowance is taxable .

Non-professional deductions

Some deductions available to an individual not carrying out any business or profession:

Section 80C

Life insurance Provident Fund set up by the Government or a recognised Provident Fund Contribution to an approved superannuation fund Subscription to National Savings Certificates Tuition fees paid Home loan repayment. The aggregate amount of deduction here cannot exceed Rs 1 lakh.

Section 80D, 80DD, 80DDB

Medical insurance premium Maintenance, including medical treatment, of dependent person with disability Medical treatment

Section 80E

Interest on loan taken for higher education.

Section 80G

Donations to certain funds, charitable institutions etc

Section 80GG

Rent paid Section 80E

Interest on loan taken for higher education

Section 80G

Donations to certain funds, charitable institutions etc

Section 80G

Rent paid


 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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