SAVING TAX THROUGH DEDUCTIONS

It’s the time of year when people scramble to finalise their tax-saving declarations and investments. But there’s no need to jump into whatever investments are immediately available—even at this point, a systematic approach is best. And it can be wise to first assess the expenses one has already incurred to see if they allow for tax-savings.

EXPENSES WITH BENEFITS

Many common expenses fall under different sections of the Income Tax Act and allow for tax-savings. These include tuition fees, leave, travel and house rent allowances, home loan payments, dependant expenses, as well as life and health insurance premiums. Those aside, investments in provident funds, certain fixed deposits and mutual funds, unit-linked insurance