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Understanding Taxes

Whether you like it or not you deal with taxes. We introduce to you the 4 simple steps you need to understand about your taxes. You have the luxury to ignore the other stuff.

Step 1: Prepare and submit annual declaration statement to your HR

  • If you live in a rented apartment, fill the monthly rent in the respective column.
  • If you have home loan then u/s section 80C fill the amount as Rs1,00,000
  • Under infrastructure bonds mention the amount Rs 20,000
  • Mention Rs 15,000 under mediclaim premium and in case you have dependent parents mention an additional Rs20000 premium.
  • In case you have a educational loan mention the total interest portion

Step 2: Put into action

  • Section 80 C

Do the following calculation

 Action

Rs 1,00,000

Minus Annual PF deducted from your salary

-Rs xxx

Minus existing insurance premuim

-Rs xxx

Minus childs school fee

-Rs xxx

Minus Interest payment on home loan

-Rs xxx

Invest remaining amount in an ELSS scheme.

Rs xxxx

  • Premium on mediclaim policy for yourself and family
  • In case you have dependent parents have family floater mediclaim policy for both of them.

Step 3: Submit proofs to HR team

  • Rent receipts
  • Medical bills
  • Leave travel tickets
  • School fee receipt
  • Copy of your ELSS statement
  • Copy of your home loan statement
  • Copy of your Education loan statement
  • Premium receipt for your mediclaim
  • Copy of the bond investment

Step 4: Collect form 16 and file your income tax returns

With the help of form 16 from your employer you need to file the income tax returns. 

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