Pay less Income tax by trying these 3 things

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The last to file Income Tax Return for the Financial Year 2017-18 is 31st July 2018. If in case you think that you are paying more tax than you are supposed to then in that case you must think of ways using which you can reduce your tax liability.

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A taxpayer can claim Income Tax Deduction of Rs. 1,50,000 under section 80C. Here are the 3 things you must try to save up your tax: –

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  • If a taxpayer pays house rent, then in that case he/she can save some tax in the form of House Rent Allowance. House Rent Allowance is a part of salary and it is an important component when you are trying to save Income Tax. In order to claim HRA all you have to do is provide your Rent Receipts provided to you, by your landlord. If you pay more Rs.1,00,000 per annum as rent, then in that case you are supposed to provide the PAN of your landlord along with the registered rent receipts.
  • ELSS or Equity Linked Service Schemes are type of mutual funds, which works quite well for the taxpayers when it comes to tax saving. Under ELSS an investor is required to invest money up to a lock-in period of three years. ELSS returns are usually higher as compared to other schemes and are partially taxable. Income tax deduction for ELSS falls under Section 80C of the IT Act.
  • Fixed Deposits that have a lock period of 5years or 10years can help a taxpayer to save taxes. Investments in national savings certificates (NSC) and public provident funds can also help you save income tax. A taxpayer can save up to a certain extent if he/she has made investment that are mentioned-above. You can claim deduction under section 80C, if you have made these investments.

If you wish to save taxes, then you must make investments.

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All India ITR, one of India’s leading tax prep websites offering personal tax solutions focussing on income tax return filing through tech platforms, be it the web, Android or iOS, is dedicated to making tax returns as easy and convenient and yet as complete as possible. With value added services to help maximise tax savings and minimise tax outgo and tax investment advice the comparative advantage of specialization allows us to uniquely serve our clients. All India ITR is certified to conduct E-return intermediary services by the Income Tax Department of India.

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