How to Manage your TAX yourself

Online filing is not just convenient but far cheaper than what you will pay a tax professional for filing your return.

Calculate your Income : 

  1. Income from Salary like Salary, Allowances
  2. Income from other Source like Interest, Dividends etc
  3. Capital Gains like Debt Funds, Stocks, Equity, Gold, Real Estate etc
  4. Property like Rental income after 30% standard deduction
  5. Business or Profession (Net income after deducting expenses)

= Gross Taxable Income

Common Deductions and Exemptions: 

  1. Tax Saving Investments – under sec 80C, up to Rs 1 Lakh invested in specific products
  2. Health Insurance – up to Rs 15,000 premium for self and family and Rs. 15,000 for Parents gets deduction under sec 80D.
  3. Home Loan Payment – Interest of up to 1.5Lakh is deductible under sec 24(b).
  4. Education Loan
  5. house Rent Allowance – HRA Received

Investments Eligible for Tax Benefits:

  1. PF
  2. PPF
  3. FDs
  4. NSCs
  5. Insurance Policies
  6. Ulips
  7. NPS
  8. ELSS

Expenses eligible for tax benefits:

  1. Home Loan Repayment
  2. School Fees
  3. Home Purchase

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