All the Income-tax assessees, more particularly salaried employees will be busy in submission/compilation of tax saving declaration for the year 2014-15 for consideration of the same for the purpose of Tax Deduction at Source by the employers/Advance Tax Calculations.
This article aims at providing an Handy reference to the most important tax saving options available for the year 2014-15.
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1) If you have missed to make the investments and your employer has deducted Tax at Source, still you can make investments on or before 31st March and can claim the refund of TDS while filing your Income-tax returns.
2) Apart from the above, deduction on account of donations made to eligible persons/institutions can also be claimed from your Total income at the time of filing your Income-tax refund and TDS to that extent can be claimed as refund , provided you obtain receipt with PAN,Name & address of the Donee and update the same at the time of filing your return of Income.
3) If the house property is rented out (not Self Occupied) , you can claim the entire amount of Interest on Housing Loan (as against the limit of Rs. 2 Lakhs on Self Occupied Property) as deduction from rental income and claim the entire interest from the Rental Income.
4) If you are running short of time (or) you realize you have not made investment before the due date , you can still invest in Tax Saving Fixed Deposits in Fixed Deposits. These are good option for assessees which takes very lesser time compared to other investments u/s. 80C. Many banks offer facility to invest in Tax saving Fixed Deposits through the Net Banking Facility. Hence, with the comfort of home, you can make tax saving investment in Fixed Deposits.
A Tax calculator is provided below for easy calculation of Tax for Individual assessees for the year 2014-15