There are many expenses or investments in your salary squawp, which are helpful in saving income tax.

Are you looking for investment options to save income tax? In fact, you can save tax for this financial year by investing in fixed investment options until March 31.

We tell you where you can take advantage of discounted tax benefits. You need to look at your salary scripts carefully. There are many expenses or investments in your salary squawp, which are helpful in saving income tax.

1. Mobile or Input Reimbursement- If you are providing mobile, telephone or Internet connection for the work of the employer, you can claim 100 per tax rebate under rule 3 (7) (ix) of the Income Tax Act. . Are. For this, you have to present a mobile/coverage/ internet connection bill.

2. Leave Travel Alliances (LTA) - Employees give LTA as an allowance for their employees while on holiday. LTA also includes travel expenses for your family. Under Rule 2B of Section 10 (5) of Income Tax Law, you can get tax relief on LTA.

You must give the travel expenses receipt to save income tax on LTA. You can get a tax deduction on LTA twice every 4 years. The period of the financial year was from 2014 to 2017, while now 2018 to 2021.

3. Entertainment Allowance - This alliance is given to the Government Employee only. It is tax exemption on section 5 (5) under Section 16 (ii) of income tax law, a fifth of salary or whichever is lower from the original entertainment expenditure.

4. House Rent Allowance (HRA) - If you stay separate from your home in connection with the job and rent it for it, then you can get HRA, which is available in salary, under the Income Tax Act. HRA is up to 40-50 percent of your basic salary. Under section 10 (13A) of Income Tax Law, you get a discount on HRA. 40% of income tax rebate on HRA, 10% per day for salaried salaries and whichever is less.

5. Alliance of children's education - If your employer is offering a child's education, you can get a discount of Rs. 100 per month in the baby. You get this discount under Section 10 (14) of Income Tax Law. This discount is given to two children only.

6. Auction of expenses in the hostel- If your employer is giving this allowance, then you can claim a tax exemption for your children at the rate of 300 rupees per month. Under section 10 (14) of the Income Tax Act, your expenditure falls under the exemption of the child. Through this allocation, you can save tax on the amount of Rs. 7,200 in a year.

7. Traffic belt (Convention Dismemberment) - This transport allowance is given to you for travel expenses because of work related to the office. Actually, there is no limit to it. Under Section 10 (14) (i) of Income Tax Law, if you get Rs 20,000 as a Convert Reimbursement, then you can mention your work and get a discount from the child on this full amount by submitting a bill for it.

Tax deduction for salaries income tax

In one of the financial years, you can get a tax deduction on the investment of Rs 1.50 lakh under Section 80C of Income Tax Act.

It can do this by investing in the fiery fund, public provident fund (PPF), for self, buying life insurance for your wife and children etc. You can also find the baby's rest in this section on the school fees of two children.

You can also save income tax by buying National Savings Certificate (NSC) and Fixed Deposit (FD), tax saving mutual fund, etc. in any bank.

Under section 80CCD (1), you can invest in NPS and save tax separately from Rs. 50,000. If you take a health policy of Rs 25,000 per annum for yourself or your wife and children, you can get an income tax exemption under section 80D.

You can get a separate tax rebate on your premium payment of up to Rs 25,000 for health insurance for your parents.

Under section 80 DD, you can get tax on medical expenses of Rs. 75000 for your dependent (wife, parents, child or siblings). In the case of serious disability, this limit of tax exemption is Rs. 125,000.

Under section 80DDB, a person under 60 years of age can claim tax rebate at the expense of 40,000 rupees for the treatment of a particular disease. This limit for senior citizens is Rs 60,000 and for the senior citizens, this limit is 80,000 rupees.

Under Section 80E, for the education of the wife or child, can claim tax exemption on Education Loan.

Tax exemption on interest included in home loan's EMI under Section 24B can be claimed. If you own a property, then its limit is 2 lakh rupees annually.

Section 80G- On donation to any approved fund, trust, religious site repair etc., this section offers relaxation in physics.

Section 80GG- If you do not get HRA in salary but you live on the distance, then you can take advantage of income tax deduction under this tax.

Section 87A- If your total income is less than 5 lakh rupees, you can get tax exemption under this section of income tax law.

Section 80 TTA - Under this, you can claim income tax exemption on an interest of up to Rs 10,000 on your savings bank, post office etc.

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