Sqrrl- How to Save Tax in India

1. How to save tax in India in 2020 – 11 Things You Didn’t Know! People are always on the lookout for opportunities to avoid wasting revenue enhancement. Nobody likes to miss out on the best ways to save tax in India. In this blog, we have covered 10 ways, you didn’t know about how to save tax in India. Keep reading. 1.Expenses to treat Disabled Dependent Such deductions are a component of Section 80DD. Fixed deductions of Rs. 75000 are allocated for someone with 40 to 80% disability and Rs. 125000 for over 80% disability. Such expenses should be for treating a disease, rehabilitation, or training. you may need to furnish a certificate of disability to avail of the good thing about such deduction. Hence, it is also a best way to save tax in India. 2. Expenses for Treating Specific Diseases Here is another best way to save tax in India. This deduction is an element of Section 80DDB. Tax benefits are applicable for expenses incurred towards treating specific diseases like Dementia, Cancer, Aids, etc. For such diseases, tax deductions up to Rs. 40000 are applicable. Just in case the expenses are for a dependent oldster, then the number increases to Rs. 1 lakh. 3. Money Spent on Donation to Charity Another best way to save tax in India is - You can donate money to certified charities. This deduction falls under Section 80G. Maybe to avail the benefit, you ought to source a legitimate certificate from the charity organization. 4. Money Spent on Donation to Political Party: There is no upper limit to tax deductions on money spent on giving a donation to a organization. Such deductions are part of Section 80GGC. Such a donation amount equals to 100% deduction. Still wondering about more ways about how to save tax in India? Read it down below.

2. How to Save Tax in India - Tax-Saving Tips for Business Persons: Here are some of the best ways to save tax in India for Business Persons. 5. Distribution of Profit in Partnership Firm Another best way to save tax in India is to share profit. No tax shall be deducted from partners within the case where the partnership firm is making profits and also the business holders attempt to share the profit among them. 6. Expenses Made for Travelling Business owners can show expenses made for travel as business expenses to save lots of tax. 7. Expenses Made for Food Business owners can show expenses made for food as business expenses to save lots of tax.

3. How to save tax in India – Tax saving tips for Salaried Individuals: Here are some of the best ways to save tax in India for Salaried individuals. 8. Leave Travel Allowance Employees can make use of this feature to hide travel tickets of spouse, children, and fogeys. Siblings are covered on condition that they're captivated with the salaried person. This falls under section 10(5). 9. Coupons for Food Food coupons or meal coupons as they're commonly known aren't taxable to a limit. They’re non-taxable up till Rs. 2600. 10. Company Leased Car The company leased car can be utilized to save lots of tax. Yet, it is another best way to save tax in India. Still looking for more ways? We give you another option below about how to save tax in India 11. Expenses for Telephone and Internet Expenses for Telephone and Internet can be utilized to realize tax benefits. If you want to know about best ways to save tax in India, Download the Sqrrl app now! It is one of the best online mutual fund apps in India where you can start your investments with a very minimal amount.