We are about to finish Financial Year 2013-14. Some last minute actions will make your financial life better.
- The Basics: Get a deduction of up to Rs. 1 Lakh on your Taxable Income under section 80C. You can make investments till March 31st.
Section 80C is the most commonly claimed deduction by taxpayers in our country. Under section 80C, you can claim deductions on:
– Eligible investments in Mutual Funds, etc.
– Contributions to EPFs, PPFs,
– School fees for your children. Read more on section 80C here.
- Section 80D: If you pay for medical insurance, you can claim deduction under this section. Also if you want to get a preventive health checkup before March 31st, you can claim the expense under this section again. Read more here on how much you can claim under Section 80D.
- Charitable contributions under Section 80G and 80GGA: Make your donations before March 31st. Please remember to note down the PAN number of the charitable organisation you are donating to. Also keep the receipt they give you after you donate. Also if you donate to political parties you can claim tax deduction under section 80GGC.