Indian Income Tax Act allows for certain exemptions and deductions which can be claimed to save tax for the financial year 2019-20 (Assessment Year: 2020-2021). Proper financial planning is required while keeping in mind the liquidity, safety and returns of tax saving instruments. It is highly recommended that one should have clear cut objectives as to how they can save taxes and which category under Income Tax Act they belong to.
If you want to save yourself from financial stress and save taxes, the following investment opportunities may help you in terms of tax saving. The taxpayers are categorized in income tax slab based on an annual income of an individual.
Read More: Tax Saving Mutual Funds: Best ELSS Mutual Funds
Even, you can claim a deduction of the same amount for tuition fees paid for children. But there is no tax benefit on infrastructure bonds.
You can save tax on your house rent under section 10(13) of the Income Tax Act. The minimum of the following four is available for tax exemption.
If HRA is not part of your salary, that is, you do not receive a salary from HRA, the least of the following can be claimed as deduction under section 80GG.
Salaried and Pensioners can avail a standard deduction of Rs. 50,000 for the current financial year 2019-20.
Gratuity is a retirement benefit that employers provide to employees when he completes five years of service at that company. Gratuity received on death or retirement by a state, central or local government employee is fully exempt from tax for the employee or his family.
Least of the following three is exempt if the employer is covered under Payment of Gratuity Act
Least of the following three is exempt if the employer is not covered under the Payment of Gratuity Act
[ad_1] Nørresundby, 26 April 2024Announcement no. 23/2024 The Board of Directors of RTX has, cf. company announcement no. 20/2023 dated…
[ad_1] Gyroscope Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033 The Business Research Company's Gyroscope Global…
[ad_1] ODISHA, India, and LOS ANGELES, Calif., April 25, 2024 (SEND2PRESS NEWSWIRE) — In the 1880s, to call attention to…
In support of Hong Kong's new mega tourism and commerce drive, Alipay+ now enables users of 14 leading overseas mobile…
[ad_2] TOKYO, April 26, 2024 /PRNewswire/ -- KLab Inc. announced that its hit 3D action game Bleach: Brave Souls has…
[ad_1] CALGARY, Alberta, April 24, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC)…