Learn about the Different Ways to Save Tax

Justin Urbas helps to get a clear idea about the tax saving ways. In order to get saved from unnecessarily paying extra amounts to the government.

Tax payment to the government is the responsibility of a dutiful citizen, but there are a few ways to curtail the amount. It is true that not many people have detailed knowledge about all these things and get help some professional to ease out their worries. There are some legitimate ways to save tax under the Income Tax Act of 1961. Now which ones will be beneficial for you? Have a talk with Justin Urbas to get a clear idea about the tax saving ways. Since taxation laws are kind of complex and not everyone’s cup of tea, so it is always advisable to get professional help in order to not make any mistakes.

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Make a contribution to the National Pension System – Under Section 80CCD(1B), you will be allowed to contribute to an amount of up to fifty thousand to the NPS. The National Pension System makes a way for you to make an investment in equity and the debt pension funds which will help to form a retirement corpus. The amount can be withdrawn at the age of sixty.

Get a deduction on your Rent – Another way is to go for a tax deduction on your House Rent Allowance (HRA). The upper limit for this does not need to be taken into account, and there a few rules and regulations to cap the maximum HRA deduction. According to Section 80GG, you can also claim for a deduction up to sixty thousand rupees per annum in case you do not get HRA but pay the rent.

Contribute to Charity – Charitable donations are even done by many celebrities to get a tax deduction. Though there is no upper limit normally, different rules curb the amount of tax deduction that is available on the charitable contributions. In case of donations to NGOs, the limit goes up to 50% of the donated amount and 10% of the total income. But the NGOs need to have an 80G certificate if you want to claim for this deduction later.

Keep some amount in the Savings Account – The easiest one under the Income Tax Act, this is claimed by most very frequently. Since the interests on savings accounts are free of tax up to an amount of ten thousand rupees per year, this is conveniently the most used under Section 80TTA. The limit goes up to as much as fifty thousand rupees for the senior citizens for both savings account and FD interest.

Get a deduction on the interest on your Home Loan – Applicable under Section 24 of the Income Tax Act, the interest payable on the home loan is tax deductible. There is no upper limit for the house on rent, but the loss claimed on the larger head has been capped at two lakh rupees.

Taxation laws should be outsourced by an expert like Justin Urbas. In order to get saved from unnecessarily paying extra amounts to the government, you can just get an idea of the right ways to save your hard-earned money.

Author: justinurbas

Justin urbas is a well known entrepreneur & tax specialist,his abilities are to build multi million dollar company from the ground up.He has an expertise in tax strategy and planning,wealth creation,motivation and leadership. Visit: http://www.davidjustinurbas.com/

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