Are you worried about paying tax and wondering how to lower the tax burden on your salaried income? Here are some ways that will help you save better this Tax season:
• Find those medical bills – Everyone gets medical allowances as a part of their income. When you submit medical bills, lab test bills or doctor consultation form, you will be able to avoid tax for the particular amount. Submit these bills on time to your employer and enjoy the benefits to the fullest!
• Health insurance is a must – Now you can easily purchase a Health insurance plan, which not just ensures your health but also the health of your near and dear ones. A health insurance will give you tax exemption up to Rs. 25,000 under section 80D. You can also secure your parents and claim additional Rs. 30,000 for their insurance. Act fast and reap the benefits of health insurance now.
• Transport allowance – Getting to work every day can be a little heavy in your pockets. However, your employer can make it a little easy for you by structuring your salary in a way to provide you with the transport allowance. Transport allowance of Rs. 1,600 per month or Rs. 19,200 annually is exempted from tax.
• Benefits on rent payments – If you live on rent, then there’s some good news for you. You can claim tax benefits on HRA! It can be fully or partially exempt from tax. You can also get this allowance if you stay with your parents and pay them rent. Don’t forget to keep the rent receipts safely and maintain the details of the payments done.
• Food coupons – Employers can also pay a portion of their salary to people as food coupons. Receive a portion of your salary as coupons and enjoy up to 2 meals for 22 working days! Isn’t that great?
Keep these pointers in mind and you will see that saving tax isn’t that difficult, after all.