YOUR TAKE HOME SALARY
CAN DIFFER SIGNIFICANTLY FROM YOUR GROSS PAY DUE TO TAX DEDUCTIONS.
HERE’S A
1-MINUTE
TO INCREASE YOUR
TAKE HOME FOR JFM
Declare Your Tax Saving Investments in December
- So that your employer can effectively arrive at your tax liability
- It will help lower your TDS every month ensuring a higher take home
Submit Your House Rent Reciepts
Include House rent reciepts and standard deduction:
- House Rent Allowance (HRA) could reduce your
taxable salary by up to 25% - Check if Standard Deduction has been
accounted
Fill the Gap in Tax Saving in JFM
Make prudent investments to avail the following deductions :
* Deduction up to 150,000 U/S 80C
- National Pension Scheme
- ELSS Mutual Funds
- Term Insurance
- Unit Linked Insurance Plans
- Public Provident Fund
- Home Loan Principal Repayment
*Additional Deduction of up to Rs. 50,000 U/S 80CCD
- Maximum Tax Exempt Contribution to NPS is 10% of gross annual income
- Extra Voluntary contribution up to Rs. 50,000 in NPS over this limit is tax free
* Deduction up to Rs. 75,000 U/S 80D
- Health Insurance for self and family: up to ' 25,000 (below 60 years)
- Health insurance for senior citizen parents (above 60 years): up to Rs. 50,000
- Also Includes
- Costs of Preventive health checkup
- Treatment expenses for senior citizen parents
* Deductions U/S 24B up to Rs. 200,000
- Home Loan Interest
* Deductions U/S 80E: No Cap on Deduction for Interest paid
- Education loan for you, your spouse or children
Furnish Form 26AS from Previous Employer
Form 26AS will help you:
- Details of your TDS by your previous employer
- Avoid higher TDS by your current employer
- You can download it from www.incometaxindiaefiling.gov.in
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