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Crucial Expenses to Know Before Tax Planning for FY 19-20

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The tax benefit is a very important subject which one needs to look into at the beginning of the next year or end of the current year. If it is not done properly, you may lose a lot of your hard earned money by paying taxes. You can save up yourself from paying more tax by either investing your money in rewarding assets or through openly disclosing every incurred expense. But the best way is an investment as you will have your property in hand as well as would save you from paying an extra amount on taxes.

TYPES OF EXPENSES TO CLAIM FOR TAX BENEFIT

Some investments and expenses can be shown into the books of records and can help you in claiming under tax benefit:

  • Health Insurance: In case you have invested in health insurance than you can claim the premium amount under section 80D of the Income Tax Act. You can claim premium expenses for yourself as well as family members.
  • Life Insurance: If you have opted for a life insurance cover than the premium for the same can be claimed under section 80C. It would be beneficial to your dependents as well as help you in reducing the tax burden.
  • Education Loan: In case you had opted for an education loan in the past for your higher studies than you can claim the entire interest amount under section 80E. In some conditions, you can also avail deduction for your instalment amount as well as the premium amount in case you have leased or mortgaged any asset or insured the same. The condition for claiming the interest amount is that the education curse should be a full-time course.
  • Disability Treatment: In this, you can claim the expenses incurred for disability of dependent under Section 80DD and 80DDB.
  • Donations: Any donations made towards charitable trust or institutions are eligible for deductions under Section 80G. Some of the donations are totally exempted, i.e. 100% exempt while in some cases they are 50% of the total donation amount.
  • Housing Loan: In this, both,principle as well as interest amount, is eligible for deduction under Section 24, 80C and 80EE.

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