a picture of glasses on a table, featured image for an article on how salary restructuring can help you save on taxes.
Restructure Your Salary to Save Tax

You do all the right things to save on your taxes – use up the Section 80C limit, buy health insurance, and the like. But you could also take a closer look at your pay slip. Your salary structure affects your taxes. Understanding how can make a world of difference to your tax outgo. By salary structure, we mean the various heads that together make up your total pay. This… Read more »

All you need to know to claim deduction on your home loan

For many of you claiming tax deductions, your home loan would form a chunk of your claim. Here’s what you need to know about tax breaks on home loans. Broadly, the topic of home loan deduction can be split into: Repayment of principal Payment of Interest Pre-construction interest How to claim Repayment of principal The amount you repay as principal on your home loan is eligible for deduction up to… Read more »

Insurance, taxes, and you

There are two ways by which the insurance premiums paid can reduce tax outgo. The first is under the benevolent Section 80C and the other is through Section 80D. Medical insurance Premiums paid towards maintaining a health insurance policy qualify for deduction under Section 80D. The policy can be taken either by self, spouse, dependent children, or dependent parents. For those up to 60 years of age, premiums up to… Read more »

How to claim tax exemption on your HRA

As salaried employees you will usually receive a house rent allowance (HRA) as part of your pay package. The amount may vary based on your designation. The idea of HRA is to help you meet the cost of a rented house you take. Since this is towards an expense you incur, if you rent an accommodation, the Income Tax Act allows exemption on the HRA you receive under Section 10… Read more »