Do you know the unusual ways of saving Income Tax Of India?
Income tax of India is not a burden for people with income from agriculture and below 2.5 lakhs annually. Also for those between the slab above 10 lakhs are really not in a need to save the income tax of India to be paid. It is only between the two slabs of 2.5 – to 5 lakhs and 5-10 lakhs are facing the heat of income tax in their day to day life.
· Why Save Paying Income Tax Of India?
With the growing expenditure of privatized education, hospitalization, and basic amenities have increased the expenditure of the people manifold in the last two decades. The basic living expenditure of this middle class and upper middle class is going only one way and to meet both ends is really a day to day struggle for them
4 Ways To Reduce The Burden Of Income Tax Of India:
Without defrauding the exchequer but still saving on your payment of income tax of India is possible with the following simple ways.
Ø Gift money to spouse:
The gifted money would not come under the tax purview. This money could be invested on some assets and the income will be taxed with the husband’s income. But the next year the profit of the investment made by the spouse will not be taxed as it has already been taxed in the husband’s account the previous year.
Ø Gift money to parents:
Gifting money to parents apart from tax saving is each one’s responsibility. But it could also get some tax benefits as the asset they invested with your money could be exempted when their tax slabs are below the limits being senior citizens or generally.
Ø Pay rent to parents:
If you are living with your parents in their home, paying rent to them will get exemption under Section 80GG even if you are not eligible for HRA.
Ø Donate money:
If you are not satisfied with your money being spent by the Government, donate money to needy organizations to get 100 % exemption under Section 80 GGC and also soul satisfaction of donating.