Income Tax: The deduction of TDS on your income is determined according to your tax slab. TDS, Tax Deduction at Source, is a tax deducted from your salary. In such a situation, if you want, there are many options available to avoid TDS, so let’s know in this news-
Income Tax: The deduction of TDS on your income is determined according to your tax slab. TDS, Tax Deduction at Source, is a tax deducted from your salary. It is deducted from your salary by your company and it is a certain percentage of tax. If you want, there are many options available to avoid TDS.
TDS should not be deducted, do this work-
If your income does not come under the purview of tax and you want that TDS should not be deducted on your income, then you can submit Form 15G or 15H. Form 15H is specifically for senior citizens. If there is no tax on your total income, then you can avoid TDS deduction by filling these forms. There are other ways to avoid TDS, such as choosing different investment options or taking a home loan for the first time.
In which schemes can you invest-
- PPF (Public Provident Fund)
- NPS (National Pension System)
- ULIP (Unit-Linked Insurance Scheme)
- Sukanya Samriddhi Yojana
- Tax Saving FD
- ELSS (Equity-Linked Saving Scheme) Fund
PPF: This is a government scheme. With this scheme, there is a facility to save a small amount and get returns on it. On investing, you can take advantage of deduction under section 80C. (Public Provident Fund)
Sukanya Samriddhi Yojana: If you invest in the scheme, you can get a maximum exemption of up to Rs 1.5 lakh in a year. This exemption can be availed with section 80C of Income Tax Act, 1961. (Sukanya Samridhi Yojana)
NPS- TDS can be saved with investment in NPS under section 80CCD of Income Tax Act 1961.
This is how you can save TDS on home loan-
If you are taking a home loan for the first time, then TDS on salary can be saved. TDS on home loan can be saved under section 80EE. You can get a maximum exemption of up to two lakh rupees in a year.
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