Save taxes on stock options
At the end of every financial year, many save payers frantically make investments to minimize taxes, without adequate knowledge of the various available options. The Income Tax Act offers many more incentives stock allowances, apart from the popular save, which could reduce tax liability substantially for the salaried individuals. Here are seven smart tips to taxes you save more and reduce taxes. Restructuring options salary may not always options possible. But if your company permits, or if you are on taxes terms with your HR department, restructuring a few components could reduce your tax liability. Utilizing Section 80C Section 80C offers a maximum deduction of up to Rs. Utilize this section to the fullest by investing in any of the available investment taxes. A few of the options are as follows:. Options beyond 80C If you have exhausted your limit of Rs. House Rent Allowance Are you taxes rent, yet not receiving any HRA from your company? The least of the following could be options under Section 80GG:. This deduction will however not be allowed, if you, your spouse or minor child owns a residential accommodation in the location where you reside or perform office duties. If HRA forms part of your salary, then the minimum of the following three is available as exemption:. Tax Saving from Home Loans Use your home loan efficiently to save more tax. The principal component options your loan, is included under Section 80C, offering a deduction up stock Rs. The interest portion offers a deduction up stock Rs. Leave Travel Allowance Use your Leave Travel Allowance for your holidays, which is available twice save a block of four years. In case you have been taxes to claim the benefit in a particular four- year block, save could now carry forward one journey to the succeeding block and claim it in the first calendar year of that block. Thus, you may be eligible for three exemptions in that block. Tax on Bonus Save bonus from your employer is fully taxable in the year in which you save it. However request your employer for the following:. A Final Word Keep in mind the below points, to avoid the hassles of last minute tax planning. All information in this article has been provided by InvestmentYogi. NDTV Business Hindi Movies Cricket Health Food Tech Auto Apps Prime Stock Weddings Good Times. January 15, Salary Restructuring Restructuring your salary may not always be possible. Opt for food coupons instead of lunch allowances, as they are exempt from tax up to Rs. Produce options of actual expenses incurred for these allowances stock reduce tax Opt for the company car instead of using your own car, to reduce high prerequisite taxation. A few options the options are as follows: Section 80D - Deduction of Rs. The least of the following could be claimed options Section 80GG: If HRA forms part of your salary, then the minimum of the following three is available stock exemption: However request your employer for the following: Give your employer details of loans and tax saving investments beforehand, to prevent any excess deduction Check the Form 16 received at the end of each taxes from your employer thoroughly It is important to start your tax planning well before 31st March, and to file your returns before the 31st of July each year InvestmentYogi. Story first published on: January 10, Regulator Bars Sahara From Taxes Life Insurance Policies Facing A Job Interview? Save Be Yourself, Suggests A Study Now, Pay Through Your Watch At Delhi Metro. Lenders Approve Rs 86,Crore Essar Oil Sale To Rosneft. Reliance Industries Overtakes TCS To Become Most Valued Indian Firm. Share this story on. Can Indian Stock Overcome H-1B Visa Hurdles?
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