Why Tax planning is important?
etc.
Many of us who are reading this should have atleast one of the following
1) Housing loan
2) Children School fee
3) Donated in cash
4) Interest on Savings account
5) Health insurance
6) Disability
7) Education loan
8) Vehicle loan etc.
If you spent any of the above expense,Then you can claim deduction from your income and pay less tax.
Most of us know the deduction under section 80C if you have LIC , PF or FD interest etc.
But there are many other deductions are there in which we can claim and save our tax legally.
1) Housing loan
You can claim upto rs 2 lakhs of interest on housing loan under section 24(b) while calculating House property income.
And also claim principal repayment under section 80C subject to maximum of rs 150,000.
2) Children school fee
This can be the major expense for most of the people.
We can claim this expense as deduction under section 80c subject to maximum of rs 150,000
(Only tuition fee we can claim).
As we all know 80C total deduction restricted to rs 150,000, so we can't claim many of our expense fully because it exceeds rs 150,000 easily.
3) Donation
Usually we will not claim cash donations which we made during the year, left with donation made in bank with the support of 80G certificate.
But we can also claim donation made in cash upto rs 2000.
4) Interest on Savings account
Nowadays e-filing portal automatically uploading the interest on bank accounts and many people tend to pay tax for that too., without knowing there is a deduction. Ofcourse it is a very small amount but still that is yours right.
We can claim deduction under section 80TTA upto rs 10,000 for normal citizen or rs 50,000 for senior citizen under section 80TTB for interest on "Savings account".
The point here is, if you are having huge chunk of money in savings account, then you can use your parents ( if senior citizen) bank account for saving of tax.
This is the seperate deduction allowable apart from 80C deduction interest on "fixed deposit".
5) Health insurance and medical expense
This deduction allowed for self and family members including parents.
Preventive health care expense can claim if you made through cash.( Rs 5,000)
6) Disability
If any of your dependent family members are with any disability such as
Source: cleartax
After getting a certificate from a registered doctor in form 10-IA can claim deduction under section 80U.
The main thing here is , you no need to spend any of the amount for claiming deduction.
Simply you can claim the whole amount of deduction.
Source: cleartax
Severe disability condition - 80% or more disability.
7) Education loan
Either you or any of your family members taken education loan for higher education from Banks or NBFC.
You can claim the interest on education loan under section 80E.
This deduction is available for a period of 8 years.
There is no limit for deduction but only interest on loan can be claimed.
8) Vehicle loan
Those who purchased electric two wheelers or four wheelers by obtaining vehicle loan can claim interest on such loan as deduction under section 80EEB.
There are many other deductions available in the income tax act. Kindly consult your Auditor for your perfect Tax planning.
And for your information
31st July 2022 is the last date for filing your Income Tax return for those who are not covered under Tax Audit.
Kindly File your return before the last week of due date for escaping from portal problems.
All the information given above are, only the overview of deductions available. There are many conditions attached to it. So kindly do consult or research before claiming any of the deductions.
Thank you
Comments
Post a Comment