Form 16 is a certificate of deduction of income tax at source that is issued to salaried individuals in India by their respective employers. It is provided by the employer and is used as proof of TDS while filing Income Tax Returns. Form 16 is also a salary certificate issued by employers to employees and certain employers issue it even when there is no TDS on salary of the employee. https://www.hrblock.in/guides/form-16-filing.aspx
LTA Exemption - To claim this deduction you have to preserve the journey tickets as a proof. Even if you and your spouse undertake more than one journey, you two may claim this deduction with your respective employer for two journeys each in a 4 year block. This ways you can maximize your deduction and reduce tax liability.
You get relief from your taxes on the house rent paid. You get an allowance called house rent allowance from your employer to meet the house rent expenses. It is a part of the annual salary and the Income Tax department provides an exemption from taxation on this allowance.
What is an Electronic Verification Code (EVC)? A 10 digit alpha-numeric code which can be generated by one or more of 4 different ways by eligible taxpayers to validate their income tax return.
The deductions that you get from taxable income on purchase of house property. You can get a deduction of home loan interest repayment under section 24 of the Income Tax Act and a deduction of the principal amount under section 80C.
Yes, mutual funds do qualify for a deduction under section 80C of the Income Tax Act. However you should be careful while purchasing a mutual fund if you intend to save taxes as well as earn money on investments. This is because only the Equity Linked savings schemes (ELSS) under mutual funds qualify for deductions from taxable income. These are the savings schemes that generally have a lock in period of 3 years. This means that these mutual fund instruments cannot be sold for 3 years from the date of purchase.
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