Si Understanding Taxes
Whether you like it or not you deal with taxes. We introduce you to 4 simple steps you need to understand about your taxes. You have the luxury to ignore the other stuff.
Step 1: Prepare and submit annual declaration statement to your HR
- If you live in a rented apartment fill the monthly rent in the respective column.
- If you have home loan then u/s section 80C fill the amount as Rs 1,00,000
- Under infrastructure bonds mention the amount Rs 20,000
- Mention Rs 15000 under mediclaim premium and in case you have dependent parents mention an additional Rs 20000 premium.
- In case you have a educational loan mention the total interest portion
Step 2: Put into action
- Section 80 C
Do the following calculation
Minus Annual PF deducted from your salary
Minus Interest payment on home loan
Invest remaining amount in an ELSS scheme
- Pay for a Rs 3 lakhs mediclaim policy in your name
- In case you have dependent parents pay for a Rs 5 lac family floater mediclaim policy for both of them.
- Invest Rs 20000 in an approved infrastructure bond. The bonds will be available from the month of November.
Step 3: Submit proofs to HR team
- Rent receipts
- Medical bills
- Leave travel tickets
- Copy of your ELSS statement
- Copy of your home loan statement
- Copy of your Education loan statement
- Premium receipt for your mediclaim
- Copy of the bond investment
Step 4: Collect form 16 and File your income tax returns
With the help of form 16 you need to file the income tax returns.