Financial Year End is approaching and apart from Tax Savings investments, you should also focus on the Flexi or Choice Pay selection for next Year.
Here are Some Very Simple and Useful Tips for all the Salaried people.
1. If given an option, choose the old Income Tax Regime, it helps you to save a little more tax by making more investments, these forced savings would be of great benefit in Long Run.
2. Opt for Maximum Basic Pay, this means more PF contribution from employer and yourself, increased limit for HRA, LTA, and ex-Gratia - all leading to more savings.
3. Opt for Medical allowance of 15 thousand Per Annum, it is non-taxable if claimed with bills,
4. Opt for fuel reimbursement of 36 thousand Per Annum it is also non-taxable if claimed with bills,
5. Opt for LTA in alternate years, it is Non-Taxable for 2 years, in a block of 4 years with a limit of one month’s basic pay along with bills,
6. Buy medical insurance - premium is deductible for self and spouse for up to 25 thousand, and for dependent parents up to 35 thousand. If you don’t take it 30% tax will be charged anyways, so think of it as 30% discount on the premium,
7. Give Maximum declaration, even if you don’t intend to invest, TDS deduction will be lesser and, you can increase savings in initial part of the year, result - more interest income,
For Buying any Insurance, or Investing in Mutual Funds, connect with me - Girish Kishnani - Singular Consulting, Thanks for watching,
and, also ask your bank to Set-up, Sweep-in FD option, it will convert your idle bank balance into FD, use 90 day option to start with.
Hello Friends, I am Girish Kishnani and you are watching “5 Minute Learnings”
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