How to tackle with Income tax notices
Every one works hard to earn money, but Government takes one third of that amount as Taxes. Every one thinks how to save Income Tax? Here We are giving different ways to tackle with income tax notices.
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Here are some of the points to save income tax & grow your money :
1.Save Tax through Home Loan:
If you have taken a home loan, you are allowed to claim deduction for repayment of principle amount of home loan under section 80c and section 24.You can claim deduction up to Rs 1.5 lakh for repayment of home loan under the overall limit of Section 80C of the Income Tax Act.And additional deduction of up to Rs 1.5 lakh under Section 24B for interest payment once you get ownership and occupy the home.
2. Save Tax through Educational Loan:
If a taxpayer has taken an education loan for the higher education of himself or children or student, he can claim deduction under Section 80E and he can save taxes.This deduction is only allowed for the repayment of interest not for the repayment of principal amount of loan.
3. Save Tax through Investments:
Section 80 C allows for expenditure incurred under certain heads or investments made to be deducted from the total income. 100% of the amount invested or Rs.1,50,000, whichever is less, is available as deduction from total income. Following are some of the options to invest your money under section 80c.
- Life insurance premium paid
- Fixed Deposit for 5 years or more with Scheduled Bank.
- Any sum deposited in a 10 year or 15 year account under the Post Office Savings Bank
CA Final and IPCC DT IDT Taxation Courses and Books
Check out latest CA FINAL & CA IPCC Videos, books and scanners on Taxation. To see demo please click on the links below and then click on “View” on the video class page. Please note you can watch demo video when you click on View.
Faculty wise Video Classes –
Find all Scanners here subject wise –
Best Recommended Books For Taxation –
Direct taxes law and Practice Dr.Vinod K Singhania/Dr Kapil singhania
Direct tax by Vinod gupta
Direct Tax Summary Module by vinod gupta
TAXATION OF ARTISTES AND SPORTSMEN IN INTERNATIONAL TAX LAW
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How to tackle with Income Tax notices
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