Future Generali

Increase Your Take Home for JFM with These 4 Steps

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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