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These 9 points can help you to save your taxes. Tax Saving tips 2019:-
1) ELSS: Equity-linked is a great way to make your profits 100 percent non-taxable However, there is a condition not to sell your equity shares before a period of one year as anything less than last 12 months may incur tax on profits
2) Insurance Policy: Insurance Premium paid policies is allowed as a deduction from your total income under the Section 80D of the Income Tax Act. Deduction up to Rs 15,000 is available for insurance policies of self, spouse and dependent children. This is one of the best options to save your tax and can be part of tax planning.
3) Loan repayment: The government allows tax benefits for individuals who are repaying education and home loans. So, in case you have taken any such kinds of loan, you can claim deduction under Section 80C of the Income Tax Act. You can also claim benefit on premium paid for life insurance, contribution towards statutory provident fund or superannuation fund, contribution towards public provident fund scheme, subscription to units of mutual funds equity linked saving scheme notified by the central government, and others etc.
4) House Rent Allowance (HRA): House Rent Allowance (HRA) can be claimed on the amount paid as rent to landlords. However, this is valid only when you are staying in rented accommodation only. To claim HRA, you need to provide sufficient supporting documents such as rent agreement, rent slips, PAN card of landlord etc.
5) Medical Bills: So many companies add an annual amount of Rs 15,000 to the salary component as the non-taxable income. You need to submit your medical bills to get the reimbursed amount. It’s a great way to save your taxes.
6) Communication Bills: You can also claimed on the amount paid as a tax benefit on your communication bills such as telephone, mobile bill, and internet expenses.
7) Conveyance Bills: You can avail tax benefits per month from your companies for the conveyance expenses. It easy options to save your tax as you do not have to submit any invoices or proof to avail the same.
8) Meal vouchers: These companies also provided so many tax benefits option of meal vouchers or gift vouchers such as Sodexo coupons that are out of taxable ambit.
9) Leave Travel Allowance (LTA): You can utilization LTA for domestic vacations taken with your immediate family. You will not be paid taxed on travel expenses for yourself and your dependents.