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 :
- Income from Salary like Salary, Allowances
- Income from other Source like Interest, Dividends etc
- Capital Gains like Debt Funds, Stocks, Equity, Gold, Real Estate etc
- Property like Rental income after 30% standard deduction
- Business or Profession (Net income after deducting expenses)
= Gross Taxable Income
Common Deductions and Exemptions:
- Tax Saving Investments – under sec 80C, up to Rs 1 Lakh invested in specific products
- Health Insurance – up to Rs 15,000 premium for self and family and Rs. 15,000 for Parents gets deduction under sec 80D.
- Home Loan Payment – Interest of up to 1.5Lakh is deductible under sec 24(b).
- Education Loan
- house Rent Allowance – HRA Received
Investments Eligible for Tax Benefits:
- Insurance Policies
Expenses eligible for tax benefits:
- Home Loan Repayment
- School Fees
- Home Purchase