Hot Deal TAX Saving Tips

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Hi guys, tax season is here and I just want to know how you guys are saving tax:

I think the following are some of the ways:

1. House rent allowance
2. LTA (is there any limit here?)
3. 1.5 lakhs from 80C – PPF/LIC/Tax saving mutual funds, NPS
4. 50,000 from 80CCD NPS
5. 25,000 from Medical Insurance Premium

Are we missing any thing more?

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kukdookoo wrote:

Sir mai aur confuse ho geya
Neurological Diseases where the disability level has been certified to be of* 40% and above*
40% and above ka kya matlab?

Simple basha mein senior and non senior citizens claim kar sakte hai without insurance? What is claim limit? And are the above 4 diseases not covered?

80DDB section is for claiming deduction for medical expenses incurred for specified diseases. More details about the certification and claim limit can be checked at

https://cleartax.in/s/get-certificate-claiming-...

80D deduction can ordinarily be claimed only for expenses incurred for taking medical insurance coverage. However, this deduction can be claimed for senior citizens in respect of medical expenses also, if they are not covered under any medical insurance. This was a new amendment to help those who are not able to afford medical insurance for senior citizens as the insurance premium for them is very high.

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Tera_Jija wrote:

Apart from these you can show donation slips where-ever you have donated. Donation to political parties gives you 100% reduction from taxable salary whereas to NGO will give depending upon NGO registration (upto 50%).
Means if you donate 50k to Political party then you will get 50k rebate in taxable salary and if you donate 50k to any NGO then you will get at max 25k rebate from taxable income.

can you tell that under which section we can claim for donation to political parties ?

Also can we claim the refund while filing ITR ?

And lastly can we claim the donations done in past few years coz I was not aware of such things ?

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gautam2usa226 wrote:

can you tell that under which section we can claim for donation to political parties ?

Also can we claim the refund while filing ITR ?

And lastly can we claim the donations done in past few years coz I was not aware of such things ?

1. Section 80G and 80GGA
https://cleartax.in/s/donation-under-section-80...

2. Yes you can claim while filing ITR.
3. You may check with your CA for that. As far as I know you can claim donations of same financial year only.

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Maverickz wrote:

80DDB section is for claiming deduction for medical expenses incurred for specified diseases. More details about the certification and claim limit can be checked at

https://cleartax.in/s/get-certificate-claiming-...

80D deduction can ordinarily be claimed only for expenses incurred for taking medical insurance coverage. However, this deduction can be claimed for senior citizens in respect of medical expenses also, if they are not covered under any medical insurance. This was a new amendment to help those who are not able to afford medical insurance for senior citizens as the insurance premium for them is very high.

thanku so much sir. is it for non senior citizens also??is there any proforma for the same?

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i believe there is one more section to Save interest on Saving bank account , i believe 80TT, i am paying 30% on my Saving bank interest. is it non taxable till 10k.
Every year bank deducts some tax on interest and while filing ITR , i have to pay 20% more

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kukdookoo wrote:

thanku so much sir. is it for non senior citizens also??is there any proforma for the same?

80DDB is for everyone…There is no proforma for the certificate as the previous certificate format Form 10-I is no longer required. However, u can use the format of Form 10-I. Link to see the format is as under:

https://www.webtel.in/image/1...df

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Anil10 wrote:

i believe there is one more section to Save interest on Saving bank account , i believe 80TT, i am paying 30% on my Saving bank interest. is it non taxable till 10k.
Every year bank deducts some tax on interest and while filing ITR , i have to pay 20% more

Yes… to the extent of 10000 per financial year.

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karanoshan wrote:

Political party donation is best if you are in 30% slab
You can easily give 20% of your income as party donation without issues
And get payment slip, also you’ll get back 90% amount in cash, that you cannot put back in bank, just spend it where ever u can

How 90÷ back? rolleyes

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thunderguy wrote:

How 90÷ back? rolleyes

you are just donating 10% rest 90% u get back in cash
You get receipts of 100% to put in your return
However you cannot put this money back into the system
basically you are generating some black money for yourself
however if you are in 30% bracket this is the only way out to save tax on 10-20% of income
if you try to go beyond this limit, you will attract attention, also always donate to the party running the show

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Maverickz wrote:

80DDB is for everyone…There is no proforma for the certificate as the previous certificate format Form 10-I is no longer required. However, u can use the format of Form 10-I. Link to see the format is as under:

https://www.webtel.in/image/1...df

Thanku sir. Along with this hospital bill and what else is needed? If someone was treated in fy 2020-2021 then he can take claim/deduction while filiing return of this year? If the person was in hospitalized and in icu last month then can he get that form and bills and everything signed in today’s date by the hospital?

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kukdookoo wrote:

Thanku sir. Along with this hospital bill and what else is needed? If someone was treated in fy 2020-2021 then he can take claim/deduction while filiing return of this year? If the person was in hospitalized and in icu last month then can he get that form and bills and everything signed in today’s date by the hospital?

Hospital Bills, Medicine Bills and Certificate are the only documents required to claim the deduction. You can get the certificate as on today’s date and claim in your IT Return for the year for which you want to claim the deduction. The certificate should provide the details of the previous year for which the deduction is to be claimed. For Eg. If the treatment was done in Jan 2021, then the certificate can be of today’s date, but it should specify that the treatment was done in previous year ending March 31, 2021.

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Maverickz wrote:

Hospital Bills, Medicine Bills and Certificate are the only documents required to claim the deduction. You can get the certificate as on today’s date and claim in your IT Return for the year for which you want to claim the deduction. The certificate should provide the details of the previous year for which the deduction is to be claimed. For Eg. If the treatment was done in Jan 2021, then the certificate can be of today’s date, but it should specify that the treatment was done in previous year ending March 31, 2021.

hospitaization date dec’20. treatment ongoing. certificate, bills in today’s date. Claim in it return of fy 20-21 theek baat?

Are scannings like mri, angiography etc. also covered under which are done from different hospitals?if total of all is more than 40000 then can it be taken over to next year?

If no then if medicines are ongoing, medicine cost more than five thousand per month,then can the medicines cost be claimed from 1st april 2021 in the next fy 21-22?

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kukdookoo wrote:

hospitaization date dec’20. treatment ongoing. certificate, bills in today’s date. Claim in it return of fy 20-21 theek baat?

Are scannings like mri, angiography etc. also covered under which are done from different hospitals?if total of all is more than 40000 then can it be taken over to next year?

If no then if medicines are ongoing, medicine cost more than five thousand per month,then can the medicines cost be claimed from 1st april 2021 in the next fy 21-22?

Under section 80DDB, You can claim the expenses related to the treatment of that disease in the year in which they are incurred, however for every year, u will require the certificate for the specified disease. Also, on a safer side, since you have incurred expenses on MRI / scanning / medicines from another hospital, you may have to keep prescriptions from that doctor / hospital which is providing the specified disease certificate for the MRI / Scanning to be done or continuing the medicines.

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Maverickz wrote:

Under section 80DDB, You can claim the expenses related to the treatment of that disease in the year in which they are incurred, however for every year, u will require the certificate for the specified disease. Also, on a safer side, since you have incurred expenses on MRI / scanning / medicines from another hospital, you may have to keep prescriptions from that doctor / hospital which is providing the specified disease certificate for the MRI / Scanning to be done or continuing the medicines.

thnku sir haath jod ke. i will be in ur touch for more questions to get clarity

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Anil10 wrote:

i believe there is one more section to Save interest on Saving bank account , i believe 80TT, i am paying 30% on my Saving bank interest. is it non taxable till 10k.
Every year bank deducts some tax on interest and while filing ITR , i have to pay 20% more

If u declare interest income in your gross total income only then u can claim 80TTA benefit.

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sometips to reduce tax in business income ? tax calculated is around 5-6 L.

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ZitOO wrote:

sometips to reduce tax in business income ? tax calculated is around 5-6 L.

When you give hike to your employees, Restructure all your employees salary (including yours) such that 10% of basic plus DA is credited to NPS
You can claim that as business expense.

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ZitOO wrote:

sometips to reduce tax in business income ? tax calculated is around 5-6 L.

Hire 10 family members and relatives who do not have any income and pay them annual salary of 2.5 lacs…. You can save the tax amount as mentioned by you.

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Maverickz wrote:

Hire 10 family members and relatives who do not have any income and pay them annual salary of 2.5 lacs…. You can save the tax amount as mentioned by you.

hmm that nice,  only if I can genuinely  employ them with me. grin

Any other ways bro ?

Buying a property for office , can we claim as business expense ?

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ZitOO wrote:

hmm that nice,  only if I can genuinely  employ them with me. grin

Any other ways bro ?

Buying a property for office , can we claim as business expense ?

Atleast u can genuinely hire 2-3 of your close family members (Eg. Wife, parents, siblings)… Or else give rent to them in case u are doing business from your parents owned home…. You can also claim travelling or business promotion expenses… Have seen people claim lakhs of travelling expenses. Business promotion can be in terms of commision paid to family members for new clients. For office property, u can claim depreciation, repairs etc. You may have got monetary help from family, show the repayment as interest etc.

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Maverickz wrote:

Atleast u can genuinely hire 2-3 of your close family members (Eg. Wife, parents, siblings)… Or else give rent to them in case u are doing business from your parents owned home…. You can also claim travelling or business promotion expenses… Have seen people claim lakhs of travelling expenses. Business promotion can be in terms of commision paid to family members for new clients. For office property, u can claim depreciation, repairs etc. You may have got monetary help from family, show the repayment as interest etc.

Hmm.. you a CA bro ? Can I buy your service for this FY tax saving . Its already FEB , only one month left .  My CA don’t have much knowledge on tax saving . I need some expert  smile. Why not you ?

Pming you now

@ any other CA ohere , who can help me on tax saving. please message me to buy your paid service regarding tax saving . 🙂

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ZitOO wrote:

Hmm.. you a CA bro ? Can I buy your service for this FY tax saving . Its already FEB , only one month left .  My CA don’t have much knowledge on tax saving . I need some expert  smile. Why not you ?

Pming you now

@ any other CA ohere , who can help me on tax saving. please message me to buy your paid service regarding tax saving . 🙂

CAs would never advise these transactions as in case of any litigations, you will hold them responsible smile smile. It is the assessee’s discretion to use it to save their tax or rather evade tax. stuck_out_tongue_winking_eye stuck_out_tongue_winking_eye. Eg. For house rent deduction for salaried tax payers, no CA would advise to pay it to your parents or relatives, but it is claimed and easily defended in IT courts, provided you don’t have documents to show that you took back that money. And the other most important factor in such transactions with relatives is that the transactions should be at a fair or lower market value and not excessive which would hint at diversion of profits.

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