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What if a 2 months old new employee need to submit tax proofs for tax excemption?
Tax planning is an important part of a financial plan. Whether you are a salaried individual, a professional or a businessman, you can save taxes to certain extent through proper tax planning. The Indian Income Tax act allows for certain Tax Deductions / Tax Exemptions which can be claimed to save tax. You can subtract tax deductions from your Gross Income and your taxable income gets reduced to that extent. Standard Deduction In Union Budget 2018 a standard deduction amounting to Rs. 40,000 was announced for salaried employees. This was in the place of the transport allowance (Rs. 19,200) and medical reimbursement (Rs. 15,000). As a result, salaried people could avail an additional income tax exemption of Rs. 5,800 in FY 2018-19. The limit of Rs. 40,000 has been increased to Rs. 50,000 in the Interim Budget 2019. Section 80C Section 80C is the most extensively used option for saving income tax. Here, an individual or a HUF (Hindu Undivided Families) who invests or spends on stipulated tax-saving avenues can claim deduction up to Rs. 1.5 lakh for tax deduction. Some of such investments are given below which are eligible for an exemption under Section 80C up to a maximum of Rs 1.5 lakh. Life insurance premium Equity Linked Savings Scheme (ELSS) Employee Provident Fund (EPF) Annuity/ Pension Schemes Principal payment on home loans Tuition fees for children Contribution to PPF Account Sukanya Samriddhi Account NSC (National Saving Certificate) Fixed Deposit (Tax Savings) Post office time deposits National Pension Scheme Medical Insurance Deduction (Section 80D) Section 80D is a deduction you can claim on medical expenses. The limit for Section 80D deduction is Rs 25,000 for premiums paid for self/family. For premiums paid for senior citizen parents, you can claim deductions of up to Rs 50,000. Additionally, health checkups to the extent of Rs 5,000 are also allowed and covered within the overall limit. Interest on Home Loan (Section 80C and Section 24) Interest paid on home loans can also be claimed as deduction from income. Homeowners have the option to claim up to Rs. 2 lakhs as a deduction for interest on home loan for self-occupied property. If the house property is let out, you can claim a deduction for the entire interest pertaining to such a home loan. In addition to the above, one can also claim the principal component of the housing loan repayment as a deduction under 80C up to a maximum limit of Rs 1.5 lakh. Deduction for Loan for Higher Studies (Section 80E) Income Tax Act provides a deduction for interest on education loans. The significant conditions attached to claiming such deduction are that the loan should have been taken from a bank or a financial institution for pursuing higher studies (in India or abroad) by the individual himself or his spouse or children. One may begin claiming this deduction beginning from the year in which the loan starts getting repaid and up to the next seven years (i.e. total of 8 assessment years) or before repayment of the loan, whichever is earlier. Deduction for Donations (Section 80G) Section 80G of the Income Tax Act, 1961 offers income tax deduction to an assessee, who makes donations to charitable organizations. This deduction varies based on the receiving organisation, which implies that one may avail deduction of 50% or 100% of the amount donated, with or without restriction. Deduction on Savings Account Interest (Section 80TTA) Section 80TTA of the Income Tax Act, 1961 offers a deduction of up to INR 10,000 on income earned from savings account interest. This exemption is available for Individuals and HUFs. In case the income from bank interest is less than INR 10,000, the whole amount will be allowed as a deduction. However, in case the income from bank interest exceeds INR 10,000, the amount after that would be taxable. Additional Deduction for Interest on Home Loan (Section 80EE) Section 80EE allows homeowners to claim an additional deduction of Rs.50,000 (Section 24) for interest component of the home loan EMI. Provided, the loan must not be for more than Rs 35,00,000 and the value of the property must not be more than Rs 50,00,000. Furthermore, the individual must not have any other property registered under his name at the time the loan is sanctioned. These are some of the best options to save tax on your income. Do upvote and for more information follow me at Anurag Uppal
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