In this article, we have explained ways to save Income Tax which you may not know.
Are you are living in rented accommodation? Then you can claim deduction of Rs.60000/- from your gross total income.
Tax liability has to be paid. Do wish to avoid it?
But there are other unknown ways through with you can save tax. If you go through this article, you will know.
Below are some of the personal expenses. These are the Ways to save Income tax:
- You can claim deduction for interest on housing loan under the head. “Income from House Property.” It could go up to Rs.200000/- for personal property, and no limit for rented property.
- Have you paid any housing loan for self or tuition fees for your children during the year? You can claim deduction from gross total income for amount up to Rs.150000/-.
- You can claim deduction amounting to Rs.5000/- while filing income tax return online for health checkups. Payment made for medical premium can also be claimed u/s 80D amounting to Rs.25000/-.
- You may claim deduction up to Rs.60000/- for payment made for medical treatment of self or dependent.
- Paying a rent may feel like burden, but you have one reason to smile. Deduction of up to Rs.60000/- can be claimed under section 80GG for payment of rent.
- Taking of receipt is important whenever you donate. It can help you save some bucks. Under Section 80G, you can claim deduction for donation.
Total deduction from all above can go up to Rs.500000/- to 600000/- and you can save up to Rs.180000/- while paying Income Tax. There are more Ways to save Income tax. Happy Taxation.
Last date for filing Income Tax Return is 31st July, 2019. Late Fees for non-filing is Rs.5000/-. Do you need any help with this? Mads Money will help you. Please WhatsApp or Call us @ 7900 567 567 or mail us at firstname.lastname@example.org.