टैक्स सेविंग विकल्प और उनका कुशलतापूर्वक उपयोग कैसे करें

इनकम टैक्स देने वालों के लिए फरवरी, मार्च का महीना काफी व्यस्त रहता है। हम सभी टैक्स बचाने के लिए उपलब्ध सर्वोत्तम विकल्पों की तलाश करते हैं और वित्तीय वर्ष समाप्त होने से पहले टैक्स बचाने की योजना बनाते हैं। आइए प्रमुख टैक्स बचत/छूट विकल्पों को जानते हैं और जानें कि हम टैक्स बचाने और संपत्ति बनाने के लिए उनका सबसे अच्छा उपयोग कैसे कर सकते हैं।

1. धारा 80डी के तहत स्वास्थ्य बीमा: पिछले दो वर्षों ने हमें सिखाया है कि जीवन में स्वास्थ्य सबसे महत्वपूर्ण है और अस्पताल में भर्ती होना बहुत महंगा है। इसके लिए चिकित्सा बीमा प्रीमियम आयकर अधिनियम की धारा 80डी हमें चिकित्सा बीमा प्रीमियम के भुगतान से कुल कर योग्य आय से कर कटौती का दावा करने में मदद करती है। हम अधिकतम 25,000 रुपये प्रति वर्ष की कटौती का लाभ उठा सकते हैं। इसमें आप स्वयं, पति या पत्नी या बच्चों के लिए चिकित्सा उद्देश्यों के लिए भुगतान करते हैं। वरिष्ठ नागरिकों के लिए अधिकतम कर कटौती की सीमा रु. 50,000 है। अगर आपने अपने माता-पिता की ओर से पैसा खर्च किया है तो आपको अधिकतम 50,000 रुपये तक की टैक्स छूट मिलती है। 25,000. मेडिक्लेम पॉलिसी सभी के लिए जरूरी है, इसलिए इसे लें और प्रीमियम पर टैक्स भी बचाएं।

2. धारा 80डीडी के तहत विकलांग व्यक्ति के इलाज के लिए किए गए चिकित्सा खर्च: विकलांग परिवार के सदस्य के इलाज और कल्याण के लिए भुगतान करने वाले व्यक्ति और हिंदू अविभाजित परिवार (एचयूएफ) धारा 80डीडी के तहत इस तरह के खर्चों को कवर करने के लिए खर्च की गई कुल आय पर छूट का दावा कर सकते हैं।

कवरेज की सीमा विकलांगता के प्रतिशत के आधार पर निर्धारित की जाती है, जिसमें 40-80% विकलांगता वाले लोग ₹75,000 तक की कटौती के पात्र होते हैं। 80% से अधिक विकलांगता वाले व्यक्ति की मेजबानी करने वाले परिवार सभी संबंधित खर्चों को मिलाकर ₹ 1.25 लाख तक का दावा कर सकते हैं। ऐसे दावे केवल ऐसे आश्रित व्यक्तियों के परिवार को ही दिए जाते हैं।

3. धारा - 80यू के तहत विकलांग व्यक्तियों के लिए आयकर लाभ बढ़ाया गया: विकलांग व्यक्ति धारा 80 यू के तहत कर छूट के रूप में मुआवजे का दावा कर सकते हैं। ऐसी विकलांगता को कम से कम 40% हानि के साथ एक पंजीकृत चिकित्सा प्राधिकारी द्वारा प्रमाणित किया जाना चाहिए। 40-80% विकलांगता से पीड़ित विकलांग व्यक्ति ₹75,000 का दावा कर सकते हैं, जबकि 80% से अधिक विकलांगता से पीड़ित लोग कर लाभ के माध्यम से अधिकतम ₹1.25 लाख के हकदार हैं।

4. धारा 80जी के तहत चैरिटेबल डोनेशन: हम चैरिटेबल ट्रस्ट को दान की गई राशि का 50% या 100% क्लेम कर सकते हैं। कटौती का दावा करने के लिए, हमें वित्तीय वर्ष के बाद संगठन की रसीद को संरक्षित करने की आवश्यकता है। सुनिश्चित करें कि जब भी आप धन दान करते हैं, तो धर्मार्थ संस्थाओं और न्यासों को धारा 12ए के तहत पंजीकृत किया जाना चाहिए, जिसके लिए वे 80जी प्रमाणपत्र के लिए अर्हता प्राप्त करते हैं।

5. धारा 80GG के तहत मकान का किराया: किराए के घर में रहने वाले व्यक्ति धारा 80GG के तहत कर कटौती का दावा कर सकते हैं। यह कटौती उन लोगों के लिए योग्य है जो वेतनभोगी नहीं हैं और वे कर्मचारी जिन्हें अपने नियोक्ताओं से हाउस रेंट अलाउंस (HRA) नहीं मिलता है।

6. धारा 10(13ए) के तहत वेतनभोगियों के लिए एचआरए: आयकर अधिनियम का यह प्रावधान हाउस रेंट अलाउंस (एचआरए) के तहत कर लाभों को पूरा करता है, बशर्ते आपके वेतन ब्रेक अप में एचआरए घटक शामिल हो। इस योजना के तहत दी गई कुल छूट निम्नलिखित का न्यूनतम मूल्य है:

वास्तविक वार्षिक एचआरए वितरित।

वार्षिक वेतन का 50%।

भुगतान किया गया वार्षिक किराया – मूल आय का 10%

7. धारा 80ई के तहत शिक्षा ऋण ब्याज: धारा 80ई के तहत, उच्च शिक्षा के लिए ऋण पर चुकाया गया ब्याज स्वयं, पति या पत्नी और बच्चों के लिए कर मुक्त रहता है। इसमें ब्याज छूट के लिए राशि की कोई सीमा नहीं है । इसमें व्यक्ति केवल भुगतान की गई ब्याज की कटौती राशि का दावा कर सकता है न कि मूल राशि का।

8. सेक्शन 80EE के तहत होम लोन पर ब्याज: होम लोन भारत में टैक्स बचाने के सबसे अच्छे तरीकों में से एक है। नई व्यवस्था के तहत, होम लोन ने कर योग्य आय को कम करने में मदद की है। धारा 80EE के तहत, पहली बार घर खरीदने वाले एक वित्तीय वर्ष के दौरान अधिकतम 50,000 रुपये की कटौती का दावा कर सकते हैं। यह लाभ होम लोन पर चुकाए गए ब्याज पर है। ध्यान दें कि यह आईटी अधिनियम, 1961 की धारा 80C का हिस्सा नहीं है।

9. धारा 24 के तहत गृह ऋण ब्याज: ब्याज के भुगतान के लिए गृह ऋण पर कर लाभ आयकर अधिनियम की धारा 24 के तहत कटौती के रूप में अनुमत है। धारा 24 के अनुसार, गृह संपत्ति से होने वाली आय को ऋण पर भुगतान किए गए ब्याज की राशि से कम किया जाएगा जहां ऋण संपत्ति की खरीद/निर्माण/मरम्मत/नवीनीकरण/पुनर्निर्माण के उद्देश्य से लिया गया है। एक स्व-अधिकृत संपत्ति की धारा 24 के तहत अनुमत अधिकतम कर कटौती रुपये 2 लाख की अधिकतम सीमा के अधीन है।

10. धारा 80TTA के तहत बचत खातों पर ब्याज: बचत खातों द्वारा अर्जित ब्याज को धारा 80TTA के तहत कटौती के रूप में दावा किया जा सकता है। लेकिन, 10,000 रुपये से अधिक के बचत खाते पर ब्याज कर योग्य आय के रूप में गिना जाएगा।

11. हिंदू अविभाजित परिवार (एचयूएफ) धारा 10 (2) से प्राप्तियां: हिंदू, सिख और जैन परिवारों जैसे कुछ धर्मों को एचयूएफ का दर्जा दिया जाता है। उनके लिए, धारा 10 (2) के तहत एचयूएफ के सदस्य के रूप में किसी व्यक्ति द्वारा प्राप्त किसी भी आय को कर शुल्क से छूट दी गई है। यहां, व्यक्ति द्वारा प्राप्त आय का भुगतान परिवार की आय (एचयूएफ) से किया जाना चाहिए।

12. धारा 80सी के तहत कर बचत निवेश: यदि हम प्रत्येक वर्ष कुछ वित्तीय साधनों में निवेश करते हैं तो बचत को प्रोत्साहित करने के लिए भारत सरकार करों पर रियायतें प्रदान करती है । इन वर्गीकृत उपकरणों में निवेश की गई राशि आपकी कर योग्य आय से कटौती के लिए पात्र हैं। कर कटौती का दावा करने की वार्षिक सीमा वर्तमान में 1.5 लाख रुपये तय की गई है। निम्नलिखित निवेश विकल्प विशिष्ट लाभों के कारण व्यापक रूप से लोकप्रिय हैं:

(i) इक्विटी लिंक्ड सेविंग स्कीम (ईएलएसएस): ईएलएसएस फंड या टैक्स सेविंग म्यूचुअल फंड में निवेश को सबसे अच्छा टैक्स सेविंग विकल्प माना जाता है। ये फंड विशेष रूप से आपको टैक्स बचाने और निवेश पर उच्च रिटर्न प्राप्त करने का दोहरा लाभ देने के लिए डिज़ाइन किए गए हैं। इनमें 3 साल का लॉकइन है।

(ii) राष्ट्रीय पेंशन योजना (एनपीएस): एनपीएस एक पेंशन योजना है जिसे भारत सरकार द्वारा असंगठित क्षेत्र और कामकाजी पेशेवरों को सेवानिवृत्ति के बाद पेंशन की अनुमति देने के लिए शुरू किया गया है। 1.5 लाख रुपये तक के निवेश का इस्तेमाल धारा 80सी के तहत कर कटौती का लाभ उठाने के लिए किया जा सकता है। इसके अलावा धारा 80CCD(1) के तहत 50,000 की अतिरिक्त कर छूट है।

 

(ii) सार्वजनिक भविष्य निधि (पीपीएफ): पीपीएफ भारत सरकार द्वारा समर्थित दीर्घकालिक निवेश है। पीपीएफ खाते में जमा राशि पर धारा 80सी के तहत टैक्स छूट मिलती है। सरकार द्वारा घोषित रेट हर तिमाही में बदल सकता है, फिलहाल PPF रेट 7.1% है।

 

(iv) सुकन्या समृद्धि योजना (एसएसवाई): सुकन्या समृद्धि योजना / योजना भारत सरकार द्वारा सबसे लोकप्रिय योजनाओं में से एक है। इस योजना का उद्देश्य देश में बालिकाओं की बेहतरी करना है। माता-पिता/अभिभावक बालिका के नाम पर खाता तब तक खोल सकते हैं जब तक कि वह 10 वर्ष की आयु प्राप्त नहीं कर लेती। सरकार द्वारा घोषित रेट हर तिमाही में बदल सकता है, फिलहाल SSY की दर 7.6% है।

 

(v) कर्मचारी भविष्य निधि (ईपीएफ): ईपीएफ एक सेवानिवृत्ति लाभ योजना है जो सभी वेतनभोगी कर्मचारियों के लिए उपलब्ध है। यह मूल वेतन + डीए का 12% है, जो एक नियोक्ता द्वारा काटा जाता है और ईपीएफ या अन्य मान्यता प्राप्त भविष्य निधि में जमा किया जाता है।

 

(vi) राष्ट्रीय बचत प्रमाणपत्र (एनएससी): एनएससी उस वित्तीय वर्ष के लिए टैक्स ब्रेक के लिए पात्र हैं जिसमें उन्हें खरीदा जाता है। धारा 80सी के तहत टैक्स बचाने के लिए एनएससी में 1.5 लाख रुपये तक का निवेश किया जा सकता है। एनएससी को नामित डाकघरों से खरीदा जा सकता है और 5 साल की लॉक-इन अवधि के साथ आ सकता है। ब्याज सालाना चक्रवृद्धि है लेकिन कर योग्य है। एनएससी पर वित्त वर्ष 2021-22 के लिए मौजूदा ब्याज दर 6.8% है

 

(vii) यूनिट लिंक्ड इंश्योरेंस प्लान (यूलिप): यूलिप बीमा और निवेश का मिश्रण है। यूलिप में निवेश की गई राशि का एक हिस्सा बीमा प्रदान करने के लिए उपयोग किया जाता है और शेष राशि शेयर बाजारों में निवेश की जाती है। यूलिप में 1.5 लाख रुपये तक के निवेश पर धारा 80सी के तहत टैक्स छूट मिलती है।

 

(viii) बैंक सावधि जमा (एफडी): टैक्स-बचत एफडी नियमित सावधि जमा की तरह हैं, लेकिन 5 साल की लॉक-इन अवधि और 1.5 लाख रुपये तक के निवेश पर धारा 80 सी के तहत टैक्स ब्रेक के साथ आते हैं।

 

हम ऊपर बताए गए विकल्पों में से अपनी जरूरत और लक्ष्य के अनुसार सबसे अच्छे विकल्प चुन सकते हैं, इससे हम टैक्स बचा सकते हैं और साथ में अमीर भी बन सकते हैं।

Checklist before Income Tax Returns Filing

Income tax return filing is a very important thing for every tax payer. 31st July is the last date for filing of income tax returns for individuals/HUFs and those whose income are not subject to audits. Filing ITR before the deadline has an utmost importance as by doing this we can ensure that we do not lose certain benefits. It is also advisable to develop this habit as starting next year there will be late filing fee, maximum up to Rs 10,000 if return is filed after the notified deadline. So how should we file the returns easily and without any mistakes? A proper planning and documentation makes the life easier. Here is the checklist before filing he returns so that we can do it more comfortably and without errors.

1.      Get all documents in order

The most important thing to start with ITR filing is getting the required documents together. Documents we require vary depending on the types of income you have. 

Documents required for salaried employees are:

a.      Form-16 issued by your employer. This contains all the salary and other benefits provided by the employer.

b.      Form 26AS is a summary of taxes deducted on your behalf and taxes paid by you. This is provided by the Income Tax Department.

c.      Investments made under Section 80C: which includes

                                                               i.     Contribution to Provident Fund

                                                              ii.     Children’s school tuition fees

                                                             iii.     Life insurance premium payment

                                                            iv.     Stamp-duty and registration charges

                                                             v.     Principal repayment on your home loan

                                                            vi.     Equity Linked Savings Scheme/Mutual funds investment

However the maximum amount that can be claimed under Section 80C is Rs 1.5 lakhs

d.      Details of Interest Income: This includes Interest in Saving Account which is exempted upto Rs 10,000 (under section 80 TTA). Interest on Fixed Deposits, Bonds debentures etc. If any TDS is deducted then it will be reflected in For 26AS.

e.      Details of investments under Section 80D for mediclaim

f.       Details related to other specific exemptions under section 80

g.      Other Investment documents, which includes :

                                                               i.     Interest paid on housing loan. Interest on housing loan is eligible for  tax saving upto Rs 2,00,000. This is for a self-occupied house.

                                                             ii.     From FY 2017-18, the total loss from house property available for set off against other income is capped at Rs 2 lakhs and therefore, interest on housing loan is eligible for tax saving upto Rs 2,00,000 for let out property as well.

                                                             iii.     Education loan interest payments exempted under section 80E.

                                                            iv.     Stock trading statement. The stock trades that were made during the year may be taxed under Capital Gain.

                                                             v.     Mutual funds redemptions details to calculate long term and short term capital gains

2.  Match the details

After getting all the documents in order, we should check the tax deducted with for 26AS, so that there should not be anything left out or if there is any discrepancy that needs to be sorted out.

3.  Calculate the tax dues

Before filing ITR, we need to calculate the total amount of tax to be paid. For this we need to take all the incomes apart from salary income i.e. Interest income, capital gains, income from house property and any other income and calculate the final amount of income tax to be paid by us.

Knowledge of slab rates, for instance, can help you compute your tax liability correctly. The slab rate applicable to an individual drawing taxable income between ₹2.5 lakh and ₹5 lakh has been reduced from 10% to 5%. Earlier, an individual with taxable income up to ₹5 lakh was entitled to a tax relief. Now, this limit has been reduced to ₹3.5 lakh. Also the tax rebate has been reduced from ₹5,000 to ₹2,500. Further those earning an income in the region of ₹50 lakh to ₹1 crore will have to shell out a surcharge of 10%. “Surcharge at the rate of 15% continues in respect of individuals with income more than ₹1 crore.

4.  Pay the tax dues

Once we have correctly determined the total amount of tax, we need to subtract TDS from this total and then pay the balance. The balance tax payable can be paid using net-banking facility of your bank or by visiting the bank branch and paying taxes using Challan.

5.  Check the payment in income tax website

Once we have paid your dues, we should ensure that the tax paid is reflecting in Form 26AS too. Although there can be gap of few days between the date of tax payment and the date by when it starts reflecting in the Form 26AS. So if we are filing in last days we may not find the payments there but we can check it later on.

6.  File the correct ITR Form

 We need to ensure that the form we have filed for tax return is correct form and applicable to us as otherwise it would be treated as a defective return. If we file ITR using the wrong form for we may receive notice under section 139(9) from the department asking us to file ITR again within the stipulated time. And if we fail to file revised ITR within the given time, then it will be treated as if you never filed the ITR.  

The I-T department has released seven forms this year –

a.      For salaried professionals or pensioners, the most relevant forms are ITR-1 (Sahaj) and ITR-2.

b.      For self-employed professional or run a small business, you should use ITR-4 (Sugam).

7.  Points to remember while filing the ITR Form

While filing the income tax form we should remember that:

a.  We have reported all the interest incomes earned in the previous year - in this case financial year 2017-18 - while filing ITR. Many people tend to forget mentioning the accrued interest earned on fixed deposits linked to bank lockers, recurring deposits, Bonds/Debentures or interest earned on savings bank account.

b.    We also need to show the Income exempted from tax such as interest earned from PPF account or tax-free bonds etc.. All these must be reported in our ITR under the 'Exempt Income' schedule

c.   While completing the tax return form, ensure that details of all bank accounts correctly, especially the one we have chosen for receiving tax refunds. Verify the bank name, account number and IFSC code we have entered in the ITR form before submitting the return. Tax refunds will be credited by the tax authorities only in the account furnished in the return.

d.   Ensure that we have mentioned our name in the manner it appears on our PAN card. The return will not be processed in case there is a PAN name mismatch.

e.   Do not forget to update your e-mail ID and mobile number so as to receive timely communication from the I-T department, particularly messages related to return and refund processing. Quoting Aadhaar is a must for resident taxpayers.

8.  Verifying the ITR

After filling and submitting the form we need to verify the same. The return won't be considered 'Valid' until it is verified. The IncomeTax department has made the process of verifying ITR easier by offering various ways to verify return including using Aadhaar OTP, net-banking etc. We can use any one of them and verify the same.

Tax Benefits beyond 80C

We all know about 1.50 Lakhs tax savings under section 80C of Income tax Act. However there are many more things which a salaries employee can do to save more taxes as permissible under income tax act. Let’s discuss few of them which are important.

A-Mediclaim and Health Insurance benefits

You are allowed to claim a deduction up to Rs. 25,000 per budgetary year for medical insurance premium instalments. The premium should be for you, your spouse, and dependent children. On the other hand, if there is a chance that either you or your spouse is a senior citizen (60 years or above), the limit goes up to Rs. 30,000.

However, Medical insurance premium should be made through online banking, a cheque, draft, debit or credit cards, etc. Tax reduction is not accessible for cash instalments of the premium. In any case, instalments for preventive health checkup can be paid in cash. 

1- Deduction on Preventive Healthcare Checkups

You get tax reduction on preventive health checkups annually. Inside the aforementioned limit of Rs. 25,000 (or Rs. 30,000 all things considered) under Section 80D income tax, you can also claim expenses incurred for preventive health checkups up to Rs. 5,000 for each budgetary year.

Remember: The premiums paid for health insurance availed by your siblings are not qualified for tax benefits.

2- Deduction on Health Insurance Premium Payment for Parents

Medical insurance premium paid for guardians is additionally qualified for deduction up to Rs. 25,000 every financial year. If your father or mother, or either of them is a senior citizen, the maximum limit goes up to Rs. 30, 000 a year. This limit additionally subsumes Rs. 5,000 that can be caused towards your parents’ annual health checkups.

What if my wife and parents are not dependent on me? Can I still claim deduction if I pay premiums for their health insurance?

Yes, you can claim deduction in this case. This deduction is available to those who pay health insurance premium members of their family irrespective of whether the members are dependent on the person or not.

Can health check-up expenses be claimed separately for each dependent?

The answer is no because you can only claim Rs. 5,000 in a year for these expenses whether for a single dependent or multiple dependents. This deduction cannot be claimed per person basis but as an aggregate.

For e.g., If a person pays any amount on preventive health check-up (for himself + spouse & dependent children + parents), the gross total deduction allowed would not be more than Rs. 5,000.

3- Deduction on Health insurance premium for very senior citizens

Super-senior citizens (80 years or more) who don’t have any insurance policy can claim a deduction up to Rs. 30,000 every financial year towards medical checkups and treatments. However, this is not for own expenses.

On the other hand, if your dad is a super senior citizen and he has no insurance and mother is a senior citizen, then you are allowed to claim a tax deduction of Rs. 30,000 towards your medical treatment for guardians, medical coverage and registration of both guardians.

4- Deduction Under Section 80DDB (Treatment of Specified Illnesses)

You can get a deduction up to Rs. 1, 40,000 (Rs. 60,000 for senior citizens and Rs. 80,000 for extremely senior citizens) for medicinal expense incurred for determined ailments. For example, cancer, chronic renal failure, Parkinson infection, etc. The complete list of such diseases is given in Rule 11DD.

You have to attach an endorsement from specialist while filing income tax forms.

You can claim for self, spouse, guardians, children, and siblings.

5- Deduction Under Section 80DD (Treatment of a dependent with disability)

You can claim the benefit up to Rs. 75,000 based on the expense incurred for nursing, training, medical treatment, preservation, and rehabilitation of a dependent with disability (Rs. 1.25 lakh for an extreme and serious disability). Reliant can be any of your parents, children, your spouse, or siblings. You need to show or submit a supporting medical certificate.

6- Deduction Under Section 80U (Person with disability)

A person who is a disabled can claim benefits of Rs. 75,000 under Section 80U. In case of disability, the limit increases up to Rs. 1.25 lakh. There is no other relation to the treatment costs.

B- House Rent Allowance (HRA)

HRA stands for House Rent Allowance.

It is taxable under the IT Act subject to specified exemption limits. 

If you do one of the following then your HRA is fully taxable, not exempt if you:

       i.          Reside in your own house; or

      ii.          Do not pay rent for house occupied by you.

However, if you are living in a rented house and paying the rent, then HRA exemption can be availed for the period during which you occupy the rented house during the relevant tax year. 

Also, to claim the exemption, your employer is required to obtain appropriate and adequate proof of payment of rent for the entire period for which you want to claim exemption. 

An exception to the 'proof required' HRA rule is that, if you are a salaried employee drawing HRA up to Rs. 3,000 per month, you do not have to provide a rent receipt to your employer.

The maximum amount that can be claimed as an exemption under HRA is the least of

       i.      Actual HRA; or

      ii.      Rent paid in excess of 10% of basic salary + Dearness Allowance

             (DA) if in terms of service; or

     iii.     50% of basic salary + DA in case of Chennai, Delhi, Kolkata, Mumbai

             or  40% of salary + DA in case of other cities

Documents required to claim HRA:

To obtain HRA exemption, you are required to submit appropriate and adequate proof of payment of rent for the entire period for which you want to claim exemption.

       i.   Submit Rent Receipts or the Rent Agreement to your employer if your rent does not exceed Rs 1 lakh annually.

      ii.   If you are paying an annual rent of more than Rs 1 Lakh (i.e. Rs 8,333 per month), report the Permanent Account Number (PAN) of your landlord to the employer (Earlier you had to furnish a copy of the PAN card of your landlord only if your annual rent exceeded Rs 1.80 lakh, or Rs 15,000 per month).

if your landlord does not have a PAN, you need to file a declaration to this effect from your landlord along with the name and address of the landlord.

     iii.   As an employee, if your salary has an HRA of less than Rs 3,000 per month, you are not required to provide a rent receipt to your employer.

Even if you are not living in a rented accommodation, you still have few options to claim HRA exemption. Some common questions asked for HRA exemption are as follows:

1. Can I Pay rent to my parents/ spouse and claim for HRA exemption? 

Yes, you can pay rent to your parents and claim for HRA exemption if they own that house. However In this case, they have to claim that rental income from house property.

But, you cannot pay rent to your spouse and claim for HRA exemption if you own that house. And if you live in a house owned by your spouse, you can claim for HRA exemption.

2. Can I claim HRA if I pay rent to my relative? 

Yes, If you are living in a rented apartment owned by a relative. However it is always better to enter into an agreement and make sure that you pay rent by cheque or electronic transfer. If paying by cash, ensure that your cash transaction is traceable. Mere rent receipts won’t suffice to claim deductions.

In order, to maintain healthy relations, it is recommended to keep your money and legal relations crystal clear, so that there is no awkward situation in future. By doing so you can eliminate the potential for relationships to turn sour.

3. Can I claim both HRA and take home loan deduction benefit to save tax?

Yes, as far as the IT Act is concerned – the two sections on HRA and Rental Income are completely separate, so you can avail HRA exemption and also home loan tax benefits.

For example:

Suppose you are renting a house close to where you work, but your home is elsewhere, and you are repaying a home loan on your home property. In this case you can avail your HRA deduction, as well as take the tax benefit of the home loan. The two sections (dealing with HRA and Home Loan benefit) are completely separate in the IT Act.

Also remember, if you are renting out the property on which you have taken the home loan and are receiving rental income, your rental income is taxable, after the standard deduction of 30%.

4. Can I claim HRA if I live in a house that I own?

No, you cannot claim for HRA deduction against the house you own, because logically you do not pay rent to yourself for living in that house.

5. Can I claim HRA if I'm not currently paying any rent?

No, you can claim for HRA deductions only if you have a proof for the expense incurred. In other words, you need to have electronic/ traceable proof of the amount equal to the rent paid.

If you claim rent allowance while paying rent to your relatives/ family members it is better to fulfil below conditions:

1.     Enter into an agreement such as leave and license agreement

2.     You must incur the expense of rent and preferably pay via bank transfers     or cheque

3.     If rent is paid in cash, then it should be traceable – via bank withdrawals

4.     The said rent paid must be reasonable as per the ongoing rent in the locality

5.     Further, disclosure of rental income by the recipient is recommended to avoid scrutiny

C- Deduction for self-contribution to NPS – section 80CCD (1B) 

A new section 80CCD (1B) has been introduced for an additional deduction of up to Rs 50,000 for the amount deposited by a taxpayer to their NPS account. Contributions to Atal Pension Yojana are also eligible.

Employer’s contribution to NPS – Section 80CCD (2) Additional deduction is allowed for employer’s contribution to employee’s pension account of up to 10% of the salary of the employee. There is no monetary ceiling on this deduction.

D- Deductions on Interest on Savings Account

A deduction of maximum Rs 10,000 can be claimed against interest income from a savings bank account under Section 80TTA of Income Tax Act. Interest from savings bank account should be first included in other income and deduction can be claimed of the total interest earned or Rs 10,000, whichever is less.

This deduction is allowed to an individual or an HUF. And it can be claimed for interest on deposits in savings account with a bank, co-operative society, or post office. Section 80TTA deduction is not available on interest income from fixed deposits, recurring deposits, or interest income from corporate bonds.

E- Leave Travel Allowance (LTA)

As a salaried individual, you can claim LTA for any journey made either alone or with dependent family members in India. The maximum amount you can claim is the least of:

The amount actually incurred; or

The amount of LTA allowed

The exemption is extended for two journeys performed in a block of four calendar years. The current block is 2014-2017. The exempted amount is restricted only to expenses incurred on travelling to the destination. It does not include expenses such as hotel bills, food, etc.

F- Transport allowance

Expenses incurred to commute between your home and work place is also exempt from tax. The maximum amount that is exempt is Rs 1,600 per month.

G- Medical reimbursement

Expenses incurred by you or your family for medical purposes can also help in reducing the tax liability. A maximum of Rs 15,000 can be claimed every financial year for medical expenses. But to claim this, you are required to submit, to your employer, the medical bills for the financial year stating the total amount you intend to claim.

H-Deductions on Education Loan for Higher Studies

A deduction Section 80E is allowed to an individual for interest on loan taken for pursuing higher education. This loan may have been taken for the taxpayer, spouse or children or for a student for whom the taxpayer is a legal guardian. The deduction is available for a maximum of 8 years (beginning the year in which the interest starts getting repaid) or till the entire interest is repaid, whichever is earlier. There is no restriction on the amount that can be claimed.

To Conclude

Last minute tax planning can lead to lower savings and inefficient investments. It is always better that you need to plan your taxes at the start of the year, to see where you stand and make adjustments accordingly. It is important for you to know the various routes to save tax on your income the legal way so as to save tax and also invest in much better way.