How to save tax without fresh investments in FY 2019-20

THE ECONOMIC TIMES Sat, Mar 21, 2020 | 11:56 AM IST Tax-saving guide

How to save tax without fresh investments in FY 2019-20 A taxpayer may be having liquidity issues and as such, not be in a position to make further investments in tax saving instruments. For such taxpayers, there are certain expenditures, which are also eligible for a tax deduction in the financial year 2019-20. Rushing to make last-minute tax-saving investments? Maybe you don't need to Here are a few expenses that come with tax advantages and will help you neutralise your tax outgo for the current financial year. 6 online tax-saving investments for late-starters The equity-linked savings scheme (ELSS) is a product where you can make online investments up till 3PM on the day when stock market is open. 4 expenses that can help you save tax under section 80C If you have incurred any of the below-mentioned expenses in the FY 2017-18, then you can claim deduction for it up to a maximum of Rs 1.5 lakh. How to claim tax benefit on tuition fees under Section 80C When you pay your kids' tuition fees, it qualifies for income deduction and also helps in reducing your tax liability. 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. 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. 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. When does your EPF become taxable? How much you withdraw and when you withdraw from the Employee's Provident Fund determines how much TDS will be levied on the same. Here are five common scenarios and the tax implications on them. What are the income tax exemptions and other monetary benefits available to women? ​​Up until Financial Year (FY) 2011-12, women and men had different income tax slabs with women having to pay slightly less tax. However, from FY 2012-13, this was done away with and tax slabs for men and women were made the same.

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