Paying too much tax?

Paying too much tax, did you explore these lesser known avenues?

It is never easy to see a large chunk being taken away in the form of tax from the salary. Indian Tax law is a complex labyrinth, filled with many sections & exceptions and rebates & deductions.

It offers potential avenues – not just the regular ones but also some which are lesser known, and could help you save large amount of taxes
As well as minefields – common mistakes which people make and could potentially open up IT Scrutiny

 

Did you know of these avenues?

- For a rented property, you could deduct the entire interest you pay and not just Rs 1,50,000 as restricted in self occupied one
- Contributions made to political parties or charitable organizations, there is a fairly liberal upper limit on how much deduction you can claim
- Medical insurance for your parents, can help save you tax too

There are many more such avenues, however not many people take advantage of them.

Did you forget to submit the proofs to your company? Dont worry you could still claim the refund by filing your returns appropriately.

Are you doing these mistakes?

- Not declaring the interest earned on the FDs
- Doing investments in the name of non-working spouse or children and not clubbing in your income

If you do, please don’t be surprised if IT official come knocking on your door.

 

There are several legal ways by which you can reduce your tax liability. Every individual case is different, and so are the avenues you could possibly explore.

Not sure what all would be applicable in your case? Get an expert look into your details and help you save taxes.

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