How Can I Pay Less Income Tax?

Everyone looks for ways to save money, and managing GST efficiently is one such opportunity for taxpayers. The QRMP scheme allows small taxpayers to simplify GST compliance by filing quarterly returns while making monthly payments. However, to fully benefit from the scheme, it’s important to plan and opt for it in advance rather than waiting until the last moment. To understand how this can help streamline your GST filing and improve cash flow, read our detailed guide on whether GST taxpayers should opt for the QRMP Scheme.

• Distributed profit to partners in partnership firms
• Travel or hostel expenses in business
• Food expenses in business.

• Leave travel allowance
• House rent allowance (part of salary)
• House rent allowance (not part of salary)
• Income from gratuity
• Meal coupons
• Standard deduction
• Company leased car
• Telephone or internet expenses
• Money under voluntarily retirement scheme- up to 5 lakh;

• Invest of Rs 1.5 lakh under section 80C to reduce your taxable income
• Buy medical insurance and claim a deduction up to Rs. 25,000 (Rs 50,0000 for senior citizens) for medical insurance premium under Section 80D.
• Claim reduction up to Rs 50,000 on Home Loan Interest under Section 80EE.
• Claim deduction for Professional Tax paid during the financial year under the applicable provisions of the Income Tax Act.

The most common tax-saving benefits available to individuals and HUFs in India are under Section 80C of the Income Tax Act. Section 80C holds several investments and expenses you can claim deductions on up to the limit of Rs 1.5 lakh in a financial year.