Last updated on May 25th, 2022 at 10:10 am
Don't Forget This While Planning Your Taxes
Planning your taxes can be a tedious task, but it is important. If you can strategically plan your taxes, you can claim the right deductions and exemptions, which will give you a clear picture of the taxes paid during the year and the amount one can get in a refund in the ITR (income tax return) one needs to file every year.
Step 1
First, ascertain the upcoming payments, expenditures, policy renewals, etc.
Step 2
Make a rough sheet that mentions all these expenditures and payments with approximate funds allocated to them.
Step 3
Ascertain which expenditures you can claim exemption or deduction. A quick guide for you to understand these deductions and exemptions is as follows.
The most famous deduction in an ITR is the 80C deduction, where one can claim a deduction in PPF (Public Provident Fund), NSC (National Saving Certificate), Life insurance or ULIP premium, ELSS (Equity linked saving scheme), Sukanya Samriddhi Yojana (SSY), Senior Citizen Savings Scheme (SCSS), Post office deposit or even a Fixed deposit with the maturity of 5 years. One can even claim exemption on the education fees of their children (but for not more than two children)
The other exemptions are as follows -
Health Insurance Premium:
An INR 15,000 annual deduction is allowed for self, spouse, and dependent children. A further INR 15,000 is permitted for parents (maximum 40,000).
House Rent Allowance (HRA):
If you rent an apartment, you may be eligible for this benefit. Established guidelines determine the amount deductible. Please keep in mind that the rent agreement and rent receipts must be submitted.
Individuals considering purchasing a home should consider taking out a home loan. Section 24 allows you to deduct interest payments up to Rs 150,000 per year.
Medical reimbursement:
Medical treatment expenses of up to INR 15,000 can be claimed as a salary deduction under section 17 each year (2). Actual bills must be printed.
Disclose your sell
One should always disclose the mutual funds, shares or gold purchased or sold in the financial year and the realized gain or loss on the same, known as LTCG or STCG, which is long-term capital gain and short-term capital gain.
Having smart decisions while making these deductions and claiming the right exemptions will save a lot of taxes and get the right refund, which can be used on major expenses.
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