, Income Tax Filing For AY 2019-20

Income Tax Compliances
Starting at INR 499 onwards

Income Tax

Any citizen, be it resident or not, who earns or gets an income in India is subject to income tax. The Government of India has levied the tax on the income of a person as per the provisions contained in the Income Tax Act 1961. The income earned during the year from 1st April to 31st March is subjected to Income Tax. Income Tax Return (ITR) is a proof of the citizen’s tax payment. It contains details about your annual income and the amount of tax you have paid. Any Indian Citizen whose income comes under the tax bracket is required to file Income Tax Returns (ITR). Filing an Income Tax Return (ITR) helps you to claim the refund for the excess of the amount paid as Income Tax by the Income Taxpayer. Failing to file Income Tax Return (ITR) leads to a heavy penalty and face legal consequences.

How Can You Save Tax in 2019

, Income Tax Filing For AY 2019-20

Standard Deduction
(On Salary)

Maximum Claimable Deduction
40,000 INR

Eligibility Criteria:
Having Income from Salary

Section 80C Series
(80C, 80CCC, 80CCD)

Maximum Claimable Deduction
1,50,000 INR

Eligibility Criteria:
Amount spent during the financial year

Section 80C is a wide section and covers various types of expenses which can be claimed as a deduction for saving taxes.

  • Payment Towards Life Insurance Policy Of Assesse , the wife or husband or child of such assesse.
  • Payment Towards Tuition Fees (Excluding any kind of donation) of Assesse, the wife or husband or child of such assesse.
  • Subscription towards Equity Linked Savings Scheme or Tax Savings Mutual Funds by the assesse.
  • Contribution Towards Provided Fund.
  • Contribution Towards Superannuation Fund.
  • Repayment of Loan which was taken for the purposes of construction or purchase of a residential house property.

Section 80CCC allows any contribution made towards few recognizes pension funds, since these schemes give lower return than a basic bank saving scheme its not recommended, but anyways if you have been paying under such scheme you can claim such amount as a deduction under section 80CCC.

Section 80CCD allows amount spent by assesses towards EPS(Employee  Pension Scheme) or NPS (National Pension Scheme) during the previous year as a deduction.

, Income Tax Filing For AY 2019-20
, Income Tax Filing For AY 2019-20

Medical Insurance
Section 80D)

Maximum Claimable Deduction
1,00,000 INR

Eligibility Criteria:
Amount spent during the previous year

This section allows any payment towards medical insurance of the assesse, the wife or husband, child or parents of such assesse.

Interest On Education Loan
(Section 80E

Maximum Claimable Deduction
No Limit