Salaried Employee – Income Tax Saving Tips For Assessment Year 2013-14
There are various tax slabs for the male and female in India and as per the annual salary, the tax deduction takes place . According to the Tax notification for salaried employee dated 05-10-2012 by Income Tax Department whose salary drawn u/s. 192 of Income Tax Law they realize to save Income Tax by amount of Rs.2060 for the Assessment Year 2013-14. Thus, it is mandatory to pay the income tax for every citizen, whose annual income over Taxable limit.
The Income Tax Assessment takes place every year in the month of March. There are so many benefits given to the taxpayer by the government of India. The person who is generating profit by any mode either by the business or from job, tax payment is applicable. In any of the public or private limited company, there are shareholders then the tax will not be exempted on the individual basis. The calculation is based on the annual profit generated by the organization.
Tax Saving Tips
It is important to show the investment proof to get the benefit. Tax waiver is applicable if the investment has done in the following:
Tax Saving Mutual Funds – There are several private and government mutual funds available in the market such as State Bank of India mutual funds, Franklin Templeton, ICICI and Kolkata Mahindra. The tax waiver is only available on those mutual funds that have a locking period, a fund without a locking period is not eligible for the income tax benefit.
House Rent – For getting tax wavier through house rent then you should attach the tax receipt while filing.
Home Loan – A tax wavier is applicable if an individual has purchased any property on loan.
Insurance Policy – There are many tax benefit given on insurance policy such as life insurance policy and health care. There is no tax benefit is given for the General insurance like motor insurance etc.