5 Last Minute Tax Saving Tips For FY 2023-2024 That Can Help You Avoid A Big Salary Cut!

The last quarter of every financial year, i.e January-March, often turns out to be a dreadful for salaried employees. If you too are a part of this last minute tax saving rush, here are some lesser known tax saving options that many of us are often unaware about. Using these tax saving options can help in reducing your total tax outgo and ultimately prevent your salary from suffering a big cut in these last three months of financial year 2023-24:...Read More

Vanya GautamUpdated: Jan 17, 2024, 17:25 IST
4 min read
Tax Saving Season What Is Investment Declaration & Why It's Important To Submit Proof
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The last quarter of every financial year, i.e January-March, often turns out to be a dreadful for salaried employees. No, we are not talking about the appraisal cycle approaching. We are talking about the salary cuts many of us end up facing in these three months.

Do you ever wonder why? It's because of the last minute tax saving rush.

Even though we all have the entire financial year (which starts from April) to do our tax planning, many of us turn out to be lazy folks and hence keep this task for the eleventh hour. This is exactly why we end up facing salary cuts in the last quarter of the financial year, which can wreak havoc on our monthly finances if the income tax liability turns out to be too high.

So, if you too are a part of this last minute tax saving rush, here are some lesser known tax saving options that many of us are often unaware about. Using these tax saving options can help in reducing your total tax outgo and ultimately prevent your salary from suffering a big cut in these last three months of financial year 2023-24:

Last Minute Tax Saving Ways

tax saving tips tax saving tips/shutterstock

1. Availing exemption on HRA by paying rent to parents

Rent to your parents is among the lesser well-known way to qualify for a tax deduction under Section 10(13A).

Under Section 10(13A), taxpayers who pay rent to their parents and reside in housing owned by them are eligible to deduct taxes on their rent payments. But when their parents file their taxes, they have to disclose the rental income.

2. Donations to eligible charitable organizations

Your kind act of donation can also help you save tax.

donation tax saving benefit donation tax saving benefit/ET

Under section 80GGA, certain donations made for rural development or scientific research are deductible from taxes. While non-cash donations can be claimed for amounts over Rs 10,000 without any upper limit, cash donations are only eligible for tax claims up to Rs 10,000. Section 80G allows tax claims for donations made to approved charitable institutions, funds, temples, and trusts. The maximum amount for non-cash donations is up to 10% of the donor's gross annual income, and the maximum amount for cash donations is Rs 2,000.

Non-cash contributions made by an individual to any political party (registered under section 29A of the Representation of the People Act, 1951) or electoral trust may be deducted from taxes under section 80GGC; there is no upper limit on the amount that may be deducted. Depending on which charitable organization or fund the donation is being made to, there is a 50% or 100% deduction cap.

Also Read: PPF vs Bank Tax Saver FD-Which One To Choose For Tax Saving?

3. Deduction for medical treatment of certain diseases

Under Section 80DDB, taxpayers may deduct expenses for treating any of their dependents or themselves for qualifying diseases as listed in Income Tax Act Rule 11DD. Malignant tumors, advanced AIDS, chronic kidney failure, hematological disorders, and neurological conditions such as Parkinson's disease, dementia, and others that result in a 40% or greater disability are among the illnesses covered by Rule 11 DD.

Nevertheless, the deduction is only available if the pertinent prescription is submitted from the list of specialists provided in section 80DDB. The maximum deduction available is Rs 1 lakh per year if the patient is an elderly citizen in need of medical attention. The deduction has been limited to Rs 40,000 for everyone else.

4. Deduction on rent for those not receiving HRA

rent tax saving hra claim rent tax saving hra claim/shutterstock

Employees who receive HRA are eligible to deduct taxes from their rent payments under Section 10(13A). However, under Section 80GG of the Income Tax Act, even individuals who live in rental housing but do not receive HRA as part of their salary or those who are not salaried can claim a deduction for their rental expenses. The monthly deduction would be the lower of Rs 5,000, 25% of the total income, and the actual rent paid over 10% of the total income.

5. Double check to avoid missing out on existing tax benefits

In the last minute tax saving rush, many of us might end up missing out on claiming the tax benefits we already are eligible to take. Whether its our home loan EMIs, car loan EMIs, donations , PPF investment etc, make sure you double check all this and claim benefits on them. If all this turns out to be enough as per your tax liability, then you dont even need to induldge into this last minute mad rush to save tax, right?

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here

22/11/2024 2:32:4
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