Here’s What You Need To Know To Save Taxes in 2017?

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The tax saving season is here. Tax saving should be done throughout the year but many generally do it in the last two-three months. So, if you are planning tax savings for 2015/16, it will be helpful to know your options in service tax consultant in Delhi.

Investments against which you can claim tax deductions
All the following instruments are qualified for a deduction of up to Rs 1.5 lakh under Section 80C.

1)    Tax saving equity linked saving schemes: These are equity mutual funds which investment in stocks and related instruments. These funds have a lock-in period of three years. If you want to save tax as well as grow your money , tax saving mutual funds can a good option as equities have the potential of delivering inflation-beating returns in foreign companies subsidiary.

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5 Ways To Maximise You Income Tax Return

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Taxes are unavoidable but you can surely minimize its impact by filing the income tax return every year whether you have invested your money or made large payments against loan travel or insurance it’s time to look back at the year to maximise your deductions and thereby lower your tax burden in auditor in India.

There are many heads under payments and investments against which you can claim your deductions, but here are the top 5 that you shouldn’t miss out:

  1. Contribution made towards Public Provident Fund (PPF)

Investments in these small saving instruments start from as low as Rs 500 up to Rs 1.5 lakh with a rate of interest at 8 per cent per annum.

While the lock-in period is 15 years, withdrawal is possible under certain conditions.

The investment, the gains as well as the withdrawals are completely tax-free.

  1. Employer’s Provident Fund (EPF)

The employer’s contribution to your EPF is tax-free, and your contribution is tax-deductible under Section 80C of the Income Tax Act.

The total PF amount deducted annually can be claimed by you as deduction while computing your total taxable income.

So the money you invest in your EPF, the interest earned and the lump sum withdrawal after the specified period are exempt from income tax.

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Government Rules Out Tax incentive Beyond Rs 2 Lakh for Second Home.

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Ruling out rollback of the proposal to restrict tax incentive for second home to Rs 2 lakh per annum, Revenue Secretary Hasmukh Adhia on Saturday said there is no point in subsidising purchase of second property by those who have surplus funds. Moreover, he added that the tax incentive for second home loan borrower is being “virtually misused.” foreign companies subsidiay

Citing limited resources, he said it is prudent to subsidise first-time buyer and not the second property owner who is not staying in that but earning income from the second unit. The Finance Bill 2017 has restricted set-off of loss towards second home against other heads of income up to Rs 2 lakh under Section 71 of the Income Tax Act. service tax consultant in delhi

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