A tax-saving guide to set you on the right track

THE ECONOMIC TIMES Sat, Jan 18, 2020 | 12:00 PM IST Tax-saving guide

To avoid paying excess TDS submit tax saving proofs to your employer on time Staff need to submit proof to back-up their investment declarations. These are papers you need to gather. Tax-saving for young earners simplified Here's how you can save on tax without locking away your money in long-term investments and without putting a dent in your wallet. Why you should choose your tax saving options wisely Some tax saving instruments may not be suitable for young professionals. Here's why. Understanding how section 80C of the Income Tax Act works Eligible payments include life insurance premium, principal repayment of the home loan and children's tuition. Tax saving options under section 80C: Features explained You can save tax if you understand how these tax saving options work. Claiming HRA tax exemption in different rental situations Here are 3 scenarios young earners are likely to face while claiming tax exemption on HRA and how they can deal with these. Don't forget to claim your LTA tax exemption this year: Here is how LTA exemption is available for 2 journeys in a block of 4 yrs. While the current block is 2018-21, one can carry it forward to the next block year. 7 lesser-known investments, expenditures eligible for tax breaks Did you know you that can claim tax deduction on stamp duty? Here are other tricks that can help you cut tax. How to invest in tax saving mutual fund schemes These schemes are equity-oriented schemes and are specifically designated as tax saving schemes known as equity linked savings schemes (ELSS). Your parents, wife and children can help you save taxes. Here's how Salaried individuals can save tax by paying rent to their parents and availing the HRA exemption benefit.

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