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Are you a salaried person? Know the investment schemes that save your hard earn money from being taxed.
Are you a salaried person? Know the investment schemes that save your hard earn money from being taxed.
The interim Budget 2019 has focused on farmers, middle-income group, providing relief on income tax slab. This interim budget for 2019 initiated the tax relief up to 5 lacs. So your income up to five lacs is tax-free income. But if your income exceeds five lacs, you will have to pay tax as per previous tax slab.
You can save your income making investment on eligible schemes.
You may not need to pay tax on your income if you use your income properly. Let's see how is it possible.
Standard deduction
The interim budget 2019 has proposed the standard deduction Rs. 50000. So you will get the deduction of this amount from your salary income.
Make investment for the schemes under section 80C
There are a lot of investment schemes you can make to save your tax. Contribution to PPF, Fixed Deposit, interest and principal amount of loan paid for residential house,
Present the bill of rent to your company
Salaried person can claim house rent allowance. If you live on rented residence, you can claim partial or whole exemption.
Interest paid on loan for the residentail property
If your are paying EMI on loan for residential, additional deduction of Rs. 50000 shall be allowed under section 80EE.
Buy medical insurance
If you have purchased medical insurance for yourself, spouse or children , you can get the deduction upto Rs. 25000. Further, Medical insurance premium paid for your parents shall be allowed as deduction upto Rs. 30000.
Investment in NPS
If you make an investment in NPS, you will also get the deduction of Rs. 50000 under section 80CCD.
