Things to Know for 2019’s Tax Planning and Savings
As the end of this calendar year draws closer, salaried individuals and self-employed business professionals start to plan their tax filing process. Apart from the mundane planning for tax filing, it is wise to prepare for better savings. That starts with knowing about deductions permissible under the Income Tax Act. Below are a few brief points on deductions under Sec 80C and Sec 80D of the Income Tax Act to reduce the taxable amount from income: Investments up to Rs 1.5 lakh on fixed deposits (5years term period), Public Provident Fund (PPF), National Saving certificate, National Pension Scheme and ELSS funds. This is one of the most common investments made for tax saving by salaried individuals as well as HUFs. Purchase of medical or health insurance and claims worth Rs 25, 000 and Rs 50,000 for senior beneficiaries. Interest paid for home loans can be claimed up to one lakh under Section 80C and the interest amount can be deduced and claimed from incom...