admin November 16, 2019

Tax saving tips for salaried employees for financial year 2018-19

1. HRA section 10(13A) is available if you are paying house rent. Detail is given in separate article.
2. Standard deduction of rupees 40000
3. Deduction under section 80C for LIC, housing loan principal, Equity Linked Savings Scheme, 5-year fixed deposits with banks and post office, PPF, tuition fees subject to maximum payment upto rupees 150000.Detail is given in separate article.
4. 80CCD National Pension System (NPS)  for investment up to Rupees 50000
5. Interest paid for education loan.
6. Section 80D medical insurance premium paid up to 75000 rupees
7. Section 24 (b) interest paid for housing loan up to rupees 200000. However if you are getting any income from house property then you can claim entire interest subject to maximum the rent received and in that case Assessment Year 2017-18 onwards you can carry forward interest loss up to 8 years.
8. Please don’t forget to mention the details of of bank accounts maintained abroad and also assets abroad otherwise there is very heavy penalty to Indian if they forget to mention