What to check before you start tax saving and how to save tax on salary

THE ECONOMIC TIMES Sat, Feb 09, 2019 | 11:54 AM IST Tax-saving guide

How these new laws allow you to save more tax Here's a look at the new rules introduced in Budget 2018 and how much tax you would be able to save this financial year due to them. Plan to maximise tax benefits? This is a must Financial planners recommend keeping long-term financial commitments and goals, and not just tax breaks, in mind while carrying out this exercise. Before making fresh 80C investments, check these Tax-saving investments should never be made on an ad-hoc basis. Here's how to ensure a safe tax planning exercise. Check these 7 tax savers before you invest again It's always better to plan your tax saving investments in advance than make the wrong moves at the fag end of the financial year. Tax-saving for young earners simplified Here's how you can save on tax without locking away your money in long-term investments and without putting a dent in your wallet. Lowering your tax liability via fake bills is a bad idea While submitting proof for reimbursements make sure it is real and not fake as that would get you in serious trouble with the tax department. What you must do to avoid paying excess TDS Staff need to submit proof to back-up their investment declarations. These are papers you need to gather. How to ensure your HRA tax exemption claim is accepted What you must remember while claiming tax exemption of HRA or while filing income tax returns. How to claim tax benefit on tuition fees under Section 80C When you pay your kids' tuition fees, it qualifies for income deduction and also helps in reducing your tax liability. Don't forget to claim your LTA tax exemption: Here's how LTA exemption is available for 2 journeys in a block of 4 yrs. While the current block is 2018-21, one can carry it forward to the next block year.

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