save taxes in india and reduce your taxable income

-

 


Investment in Tax-saving Instruments: Certain investments are eligible for tax deductions under various sections of the Income Tax Act. These include:


Public Provident Fund (PPF): Contributions to PPF are eligible for deductions under Section 80C.

Employee Provident Fund (EPF): Contributions made by both the employer and employee are eligible for deductions.

Equity Linked Savings Schemes (ELSS): Investments in ELSS mutual funds qualify for deductions under Section 80C.

National Pension System (NPS): Contributions to NPS are eligible for deductions under Section 80CCD(1) and Section 80CCD(1B).

Tax-saving Fixed Deposits: Investments in tax-saving fixed deposits offered by banks qualify for deductions under Section 80C.

Health Insurance Premiums: Premiums paid for health insurance policies for yourself, spouse, children, and parents are eligible for deductions under Section 80D.


Home Loan Interest: Interest paid on a home loan is eligible for deductions under Section 24(b) of the Income Tax Act. Additionally, principal repayment of the home loan qualifies for deductions under Section 80C.


Education Loan Interest: Interest paid on education loans for higher studies is eligible for deductions under Section 80E.


Donations to Charitable Institutions: Donations made to eligible charitable institutions or trusts are eligible for deductions under Section 80G.


House Rent Allowance (HRA): Individuals who receive HRA as part of their salary can claim deductions on rent paid if they do not own a house. The deduction is calculated as per Section 80GG.


Income from House Property: Individuals can claim deductions on the interest paid on home loans for a self-occupied or let-out property under Section 24(b).


Tax-saving Bonds: Investments in specified tax-saving bonds, such as those issued by NHAI or REC, are eligible for deductions under Section 80CCF.


Tuition Fees: Payments made towards tuition fees for children's education are eligible for deductions under Section 80C.


Medical Expenses for Dependent with Disability: Expenses incurred on medical treatment and maintenance of a dependent with a disability are eligible for deductions under Section 80DD.


It's essential to understand the eligibility criteria, limits, and documentation requirements associated with each tax-saving instrument or deduction. Consulting with a tax advisor or financial planner can help individuals optimize their tax-saving strategies based on their financial goals and circumstances. Additionally, individuals should ensure compliance with tax laws and regulations to avoid penalties or legal implications.

Comments

Post a Comment

Popular posts from this blog

Set password by default when transfering data through xender hot spot network.

-
Image
We are going to explain how to transfer data securely through xender app. Whenever we turn on hot spot of xender then mobile hot spot network turned on through a xender which is by default open network. In this case if our data connection is on then any one can access our network and may they perform crime through network. So always keep your network password protected. How to Set password in xender when turned on hot spot through it 1.  Go to settings menu in xender app. 2.  Under the connect phone tab click on to set connection password. 3.  At that time it will ask password give password on pop up box. 4.  Done. Now check your hot spot network is now secure with password.
Read more

Email Phishing

-
Image
Email Phishing may get an attacker your personal information like credentials, credit card information, registered mobile number, etc PII (Personal Identifiable Information) parameters. How to perform Phishing via Email? Step 1: Create an identical working website that is appearing quite similar to the official company website. This dummy website acts as a fake verified validation to the target to gain trust over. Ex. Gmail account login page, Facebook login page or any other website. Step 2: An important part to ponder over is the URI or URL of the fake but working website that has to be changed minutely in such a way that the target person is not able to spot the changes easily in its link and fewer people are aware as well as concerned about this security threat. Ex. For 'gmail.com' one can modify it to 'gma1l.com' or for 'facebook.com' that can be modified to 'facebeok.com'. Users enter their details here on the fake login page without checking
Read more

Browser cache weakness

-
    Browser cache weakness Severity: Medium Vulnerability description Browsers can store information for purposes of caching and history. Caching is used to improve performance, so that previously displayed information doesn’t need to be downloaded again. History mechanisms are used for user convenience, so the user can see exactly what they saw at the time when the resource was retrieved. If sensitive information is displayed to the user (such as their address, credit card details, Social Security Number, or username), then this information could be stored for purposes of caching or history, and therefore retrievable through examining the browser’s cache or by simply pressing the browser’s Back button. Impact Browsers often store information in a client-side cache, which can leave behind sensitive information for other users to find and exploit, such as passwords or credit card numbers. The locations at most risk include public terminals, such as those in libraries and Inte
Read more