How to save tax in Financial Year 2018-19
                     
How to save tax in Financial Year 2018-19?



How to save 

tax in Financial 

Year 2018-19?


It's the duty of each and every citizen of the 
nation to pay for tax towards the 
Government. The quantity collected can be 
used to finance various activities for 
example infrastructural development, giving 
an impetus towards the rural economy, and 
supplying various welfare schemes, amongst 
others.

The Tax Act, 1961 provides numerous 
exemptions and deductions to lessen the tax 
liability of taxpayers. By getting such 
deductions, you might lower your taxed 
earnings with a large degree, therefore 
saving a lot of money.


1. Purchase

medical insurance


Any adverse medical health insurance plan not 
only provides the much-needed financial 
protection in situation from the medical 
emergency, but furthermore can save tax. You 
may claim medical care insurance tax benefit 
round the premiums paid for the insurance 
policy. Under Section 80D, medical care 
insurance benefits may be availed up to a set 
limit of INR 25,000. This insurance plan may be 
purchased by yourself, spouse, or possibly 
your dependent children.


2. Deposit your 

hard earned 

money in financial

vehicles


There are many financial vehicles that you 
might purchase in order to reap benefits later 
on. A few of these financial instruments offer 
tax benefits. A couple of common tax-saving 
options include Public Provident Fund (PPF), 
Unit-Linked Investment Plans (ULIPs), tax-
saving fixed deposits (having a 5-year lock-in 
period), Equity-Linked Saving Schemes (ELSS), 
publish office time deposits, and National 
Saving Certificate (NSC) amongst others. You 
might acquire tax benefits on such investments 
up to and including limit of INR 1.5 lakh under 
Section 80C.


3. Acquire interest

benefit on

mortgage loan

and academic loan


A way of lowering your tax liability is as 
simple as getting tax benefits on mortgage 
loan. You might seek no more than as much as 
INR 2 lakh around the interest towards your 
house loan under Section 24. You may even 
acquire deduction around the principal amount 
compensated up to and including limit of INR 
1.5 lakh under Section 80C. Additionally, you 
might claim a deduction of stamp duty and 
registration charges around by which these 
expenses were compensated.


4. Want tax relief

on donations


You might get tax relief benefits for just about 
any donation made towards charitable 
organization or perhaps a philanthropic 
purpose under Section 80G. However, 
donations made are exempted up to and 
including number in line with the reason for 
donation. Although some donations are totally 
exempt from tax, some offer 50% as deduction.


"A fine is a tax for 

doing something 

wrong. A tax is a 

fine for doing 

something right."

…….BY Anonymous


thanks!