The last date to save your taxes is 31ST March 2018, so what are you waiting for, try your level best to save the maximum amount of Save Taxes, otherwise you will have to pay taxes that you could have saved.
Here are 5 quick rules that will help you to save taxes: –
Save Taxes Salary Structure Analysis
There are various components in your salary, that you can claim for deduction. Allowances like Leave Travel Allowance, House Rent Allowance, Medical Reimbursement, Uniform Allowance, Car Reimbursement, Telephone Reimbursement, books and periodicals can reduce your tax liability if you can submit the valid proofs to your employer. If your employer is not accepting proofs, in that case also you can claim HRA, LTA etc while filing your Income Tax Returns.
Tax Benefit for your Personal Expenses
Other than your salary there are several expenses on which you can easily claim deduction and reduce your tax liability. These expenses include Children’s tuition fees, health insurance premiums, life insurance premium, interest on education loan, home loan EMIs (interest and principal repayment), medical expenses on the treatment of certain critical illness, expenses on maintenance and medical treatment of disabled person, etc. All these expenses are eligible for tax benefits. You can claim these deductions while e-filing ITR, if its not reflecting on your Form 16.
Investment in Tax Saving Investment Plans
If you are looking to save more taxes then you can consider the deductions under section 80C. PPF, Sukanya Samriddhi, NPS and ELSS are some great tax-saving investment options. Apart from these, there are several other options which qualify for deduction under Section 80C. These include National Savings Certificate, Senior Citizens Savings Scheme, five-year post office time deposits, 5-year tax saving bank fixed deposits and Specified Government Bonds are the other investment options that can save taxes for you.
Tax Benefit from Education
As per Tax laws there is relief for the taxpayers who are paying an education loan. If you are paying an education loan, then you can claim a tax deduction on the interest you pay on the education loan taken for yourself, your spouse or your dependent child. There is no upper limit on this tax deduction. You can claim this deduction up to 8 assessment years or till the time of repayment, whichever is less.
Tax Benefit from Home Loan
Same as education loan taxpayers, who are paying home loans also get tax benefits. Taxpayers can get a tax deduction on the principal amount of the home loan EMIs under Section 80C, while interest amount can be claimed under Section 24.
So, if you didn’t claim the above-mentioned deduction yet, then you can do it before 31st March 2018.