Claim these deductions to save on tax this financial year

THE ECONOMIC TIMES Sat, Mar 02, 2019 | 11:52 AM IST Tax-saving guide

4 expenses that can help you save tax under section 80C If you have incurred any of the below-mentioned expenses in the FY 2017-18, then you can claim deduction for it up to a maximum of Rs 1.5 lakh. Medical expenses that can be claimed as tax breaks The deduction under section 80DDB can be claimed irrespective of whether you have paid a premium for a health insurance policy or not. Claiming HRA tax exemption in different situations Here are 3 scenarios young earners are likely to face while claiming tax exemption on HRA and how they can deal with these. Your parents' medical bills can help save tax: Here's how Budget 2018 has amended Section 80D of the Income Tax Act which allows a deduction for medical expenditure incurred on senior citizens. Home loan tax benefits you need to know about In Budget 2016, relief was provided to employees who were not granted HRA by employer by increasing the maximum limit of deduction. Don't forget to claim LTA tax exemption this FY: Here's how LTA exemption is available for 2 journeys in a block of 4 yrs. While the current block is 2018-21, one can carry it forward to the next block year. 10 thing to know before you buy term insurance To save on tax or pay a low premium, don't just buy any term plan without reading the terms & conditions. Here are a few important things one should consider. 7 lesser-known investments, expenditures for tax breaks Did you know you that can claim tax deduction on stamp duty? Here are other tricks that can help you cut tax. New tax laws that allow you to save more tax Here's a look at the new rules introduced in Budget 2018 and how much tax you would be able to save this financial year due to them. How to save tax on health insurance premium Premium paid towards health cover for self, family and parents not only provides financial help in case of medical emergencies but also reduces tax liability.

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