You can increase your salaries by doing some basic checks on tax benefits
- HRA Check–> Increase your salary by availing the tax exemption.
- If you are staying in a rented property then you can claim 50% of your HRA as a tax exemption in Metro.
- For non-metro, the same is 40%.
- If you stay with friends always get into a joint agreement with the property owner to avail of this benefit.
- Excess investment in 80C: Most of us have been mis-sold products by being told these will help you save taxes up to Rs. 1.5lacs of income. Before we do any investment in 80C we need to first calculate how much we need to invest. You can follow the following order
- How much is your EPF amount? This is especially important to double-check when you get your annual increase in your salary.
- If applicable to Add to that your children’s school fees.
- Term Insurance policies are tax-deductible. if you don’t have these then do this before buying tax saving investment products
- Now see the balance amount ( Rs.1.5 lacs less the above) and choose a product basis your risk profile
- Other sections
- Medical Insurance Premium Deduction which can include both you and your parents/children/spouse
Some of us may be already doing this, and if we are not then why wait to get this increase in salary
To check if you are doing thi use our app which has a dedicated section on Tax.
Incase, you want our assistance in filing Tax Returns simply ping us