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Things You Should Do To Save Your Taxes

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When it comes to doing so, different people have varied tastes. They sometimes stick to tried-and-true strategies, missing out on more lucrative tax-saving chances as a result. As a result, this blog is aimed at those who wish to learn more about ways to save money on income taxes. If you’re wondering how to save money on income tax in India, Tax Helpdesk is here to help. We also offer other GST and income tax-related services like online tax filing services in India and income tax consultation to improve your tax-related experience.

Important aspects To Save Your Taxes

  • Tax Deduction If You Take Out A Home Loan:

You can save money on taxes if you handle your home loan properly in accordance with section 80C. The principal amount is limited to Rs. 1.5 lakhs under section 80C, and the interest amount is limited to Rs. 2 lakhs under section 24.

  • Income through savings account interest:

Interest earned on a savings account is generally tax-free up to a limit of Rs 10,000. This is the total amount of money in all of your savings accounts. This limit has been raised to Rs. 50000 for senior citizens.

  • Income through NRE Account Interest:

Non-resident Indians in India have NRE accounts. They earn interest on both the money they’ve saved and the money they’ve put into a fixed deposit. Due to the Indian government’s generous attitude toward NRIs, such a sum is not taxable. Tax-free income refers to the amount of interest earned.

  • Money from Life Insurance Policy:

When a life insurance policy matures or when the claim amount is obtained, money from the policy may be received. The amount received is tax-free if the premium does not exceed 20% of the amount covered. This applies to policies enacted before April 1, 2012. For plans published after April 1, 2012, the percentage drops to 15%.

  • Scholarship for education

Such an amount is exempt from taxation under Section 10 of the Internal Revenue Code (16). There are no restrictions in this scenario because the entire amount earned as a result of a private or public scholarship is tax-free.

  • Amount Received or as Dividends on From Sold Equity Mutual Funds or Sold Shares:

If your long-term capital gain exceeds Rs. 1 lakh, you’ll have to pay a 10% tax. so it is suggested to take timely action and income tax filing online from the reputed service provider.

  • Wedding Gift

A wedding is a happy occasion for everyone in the family, especially the bride and groom. In India, it is a big deal, and the bride and groom are showered with presents. Gifts received on your wedding day are tax-free, whether they are in the form of a gift, cash, or cheque. Family or friends can provide these gifts.

  • Income from Agriculture

Agricultural land income, as defined in section 10(1), is tax-free. Rent from land, revenue from land, money made from agriculture products, and money earned from a farm building are all examples of this type of income.

  • HUF & Extra Income

You can save money if you have a secondary income in addition to your primary salary by lowering the amount of tax you pay on that income. For example, money earned through freelancing will be considered a secondary source of income. You’ll need to register a separate HUF account for the supplementary income. Then you can put that money into an investment that qualifies for tax benefits under section 80C.

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