10 Ways To Immediately Start Selling QUALIFYING FOR A TAX DEDUCTION

10 Ways To Immediately Start Selling QUALIFYING ,Investment in PPF: You can claim a deduction for investment made in PPF account. You can invest maximum of Rs. 1.5 lakh in a year. Receipts on maturity and withdrawal are tax free.

Investment in National savings certificate: National Savings Certificate are eligible for deductions in the year they are purchased. Interest accrued on such certificates is eligible for tax deductions each year under section 80C, but becomes taxable at the time of maturity.

10 Ways To Immediately Start Selling QUALIFYING

Investment in fixed deposit: Interest earned on fixed deposits with tenure of not less than five years are eligible for tax deduction under section 80C. For senior citizens, tax exempted interest income on deposits with banks has been increased from Rs. 10,000 to Rs. 50,000. Further, TDS will not be required to be deducted under section 194A and it has been extended to all FD and RD schemes

Premium on life insurance policy: You can claim a deduction under section 80C for the premium paid for a life insurance policy as per the income tax act.

Contribution to employee provident fund: You can claim a tax deduction for the contribution made in employee provident fund under section 80C. Government to contribute 12% of EPF contribution for new employees (with less than 3 years of employment) in all sectors. New women employees (with less than 3 years of employment) to contribute only 8% of salary as EPF contribution as opposed to 12% earlier.

10 Ways To Immediately Start Selling QUALIFYING ,A non-refundable tax credit can erase any taxes you might owe the IRS, but the IRS won’t be sending you a check for any credit that’s left over. For example, if you owe $1,000 in taxes after completing your tax return and if you can claim a $2,000 non-refundable tax credit, your tax debt still goes away but the IRS gets to keep the balance—that remaining $1,000. You can’t carry it forward to future years in most cases, and you won’t be receiving cash back for that amount.

Updated: April 23, 2019 — 3:51 pm

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