When filing your taxes as a salaried employee, there are several key components to declare. Let’s walk you through them.
First, we’ll talk about the components of your salary that you need to disclose. These include your basic pay, allowances, bonuses, and any other perks. Next, you’ll learn all about declaring your investments. These cover your investments in ULIPs, PPF, NSC, etc., that you can claim deductions under Section 80C. Don’t forget, NPS contributions are also eligible for tax benefits under Section 80CCD.
After that, we come to other deductions like healthcare expenses. For example, premiums paid for health insurance can be deducted under Section 80D. Next up, the video will take you through deductions that you can claim for your housing costs. There are exemptions on House Rent Allowance under Section 10(13A) and home loan repayments under Sections 80C, 80EE, and 24(b).
Ready to learn more? Then let’s venture into perks like Leave Travel Allowance (LTA). If your employer offers LTA, you can claim tax benefits on travel expenses for you and your family. Moreover, your donations to registered charities can also be eligible for deductions under Section 80G.
Lastly, we’ll also discuss important documents to keep handy for a smooth tax filing experience.
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