Hello
Everyone of us would like to pay the least tax. So the IT deptt has some rebates listed.
- Interest earned on notified bonds/debentures of any public sector company is eligible for deduction u/s 80L of the IT act.
- In case you are planning to get a loan for pursuing higher studies, it would be better to get the loan yourself rather than your parents.Section 80E envisages deduction of any amount paid by an assessee out of his income, by way of repayment of loan for this purpose subject to an outer limit of Rs 25,000 (Increased To Rs.40,000 from F/Y 2000-01). This facility is not allowed for parents financing their children's education.
- Inspite of one per cent cut in the PPF rates, it still is the best tax saving investment option. As this tax-free return of 11 per cent is equivalent to a taxable return of 14.16 per cent and 16.41 per cent for those in the 22 and 33 per cent tax bracket respectively.
- It is wiser to avail deductions under sections 80CCC to 80U as regards rebate under section 88, in case the taxable income is marginally over Rs. 60,000, as surcharge is levied if the taxable income exceeds Rs. 60,000.
- Makes full use of Rebates: Don’t under invest. Just look at the returns. The normal return on an investment is about 11 per cent. Add your tax rebate of 20 per cent and that is a whopping 31 per cent!
- Employee's contribution to approved superannuation fund is eligible for tax rebate at 20 per cent of the total amount invested u/s 88 of the IT act.
- Monetary donations made to approved institutions established in
- Senior citizens rejoice, tax relief available to them has been increased from Rs 10,000 to Rs 15,000. This means senior citizens can annually earn Rs 1,30,000 and still pay not a penny to the government.
Complete info can be had from the official website :
Regards
Kanuj
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