In an increasingly demanding global environment, managing tax responsibilities and planning for tax issues is becoming more complex.

We address the challenges of multi-jurisdictional tax operations, including tax compliance, reporting, and risk management for direct and indirect taxes.

Each specialized consultant will be proficient in different tax planning strategies for their particular clientele:

  • Maximizing tax deductions and/or credits

  • Moving income from an entity in a high tax bracket to an entity in a lower tax bracket

  • Deferring taxes to future years

  • Taking advantage of current economy boosting tax laws

  • Managing gains and losses on capital assets to offset each other

 

Even a minor lapse can cost tons of money to an assesse. So we have all consultants to offer pragmatic solutions to manage the affairs in the most tax efficient manner. Our listed consultants have an aptitude for providing expert advice in tax planning.

A plethora of paper work is involved in filing numerous tax returns on quarterly, half - yearly and yearly basis. It is always a very complicated and lengthy process to be complied with punctually and regularly. Failure of compliance attracts heavy penalties and even prosecution in certain cases. An elaborate data has to be procured from account books of the firm/ company to fill in the returns entailing huge amount of labour and knowledge.

The developing economy in our country is also undergoing profound transformation, which increases the necessity for us to keep track of the new legislation and tax laws passed by the government. With this ability, our professionals are in a capable position to identify the most beneficial and significant tax planning opportunities, which decrease the present as well as future tax liabilities.

Consultant may specialize in Estate Planning, Business tax consultation, Sales consultants, Engineering tax consultation, Income tax, International tax, property tax, payroll tax, transaction tax or fund tax. We have all.

What are the Various Tax Saving Investments Other than 80C?

Income tax saving instruments other than 80C can be listed under the following acts:

1. Interest Income Generated from Savings Account Deposits

Section - 80TTA 

Limit – ₹10,000

Total interest income generated from savings account deposits can be claimed under Section 80TTA. Nonetheless, such deduction in taxable income is only limited to ₹10,000 annually.

If you maintain multiple savings accounts in different banks, the total cumulative interest is considered, and is taxed under ‘income from other sources’. 

If such interest income exceeds ₹10,000 in a year, only the excess amount over the cap is taxed at rates depending upon aggregate annual income. 

2. Interest Component Paid Towards Education Loan

Section - 80E

Limit – No limit

Income spent to meet the interest component of education loans is not taxable under this section. Such an education loan can be unsecured or availed against collateral, depending upon the amount of funds required. 

However, it should be noted that such waivers are only granted for the first 8 years of loan repayment. Any income spent to meet the interest burden beyond this time is taxable. 

Education loans eligible for such deductions have to be taken in the name of the respective individual and can be utilised to meet the higher education charges of either self, spouse, or children. It is one of the most popular tax saving schemes other than 80C. 

3. Premium Payment Towards Health Insurance Policies

Section - 80D

Limit - Depends as per specific conditions

4. Interest Component Paid Towards Home Loans

Section - 24(b)

Limit – ₹2 Lakh

Interest payments on a home loan can be removed from income tax calculations under this section. If the house is purchased for residence, a maximum of ₹2 Lakh can be claimed as a tax rebate on the interest rate, provided the construction is completed within five years of the loan tenure. 

If you choose to let out the purchased property on rent, then no tax has to be paid on the interest component of the home loan respectively. 

5. Interest Component Paid Towards Home Loans for First Time Home-Buyers

Section - 80EEA

Limit – ₹50,000 above benefits from Section 24(b)

First-time home-buyers can claim additional interest benefits amounting to ₹50,000 above Section 24(b) on home loan EMIs, provided the property value is less than ₹45 Lakh. This effectively makes way for up to ₹2.5 Lakh tax-saving other than Section 80C. 

However, no prior property should be registered under an applicant’s name while availing a home loan to be eligible for a tax rebate on total income spent on EMI payments under Section 80EEA.

6. Sum Assured on Maturity of Life Insurance Plans

Section - 10(10D) 

Limit – Entire maturity amount

The entire sum assured disbursed upon maturity of life insurance or untimely death of an insured person can be claimed for tax rebate under Section 10(10D).

However, such death benefit is exempted from tax calculations if it is availed after 1st April 2012, and total value premium charges are less than the full sum assured.

If the policy is availed before 1st April 2012, then the premium expenses should be less than 20% of the total sum assured to be eligible for waivers under section 10(10D).

7. Donations to Charitable Organisations

Section - 80G

Limit – No limit

Any income donated to charitable organisations is exempt from tax calculations entirely under Section 80G. No limit on such tax waivers are levied provided transfers have been made through banks.

Any cash donations are exempt from tax calculations for up to ₹2,000. However, such contributions have to be made in registered charitable organisations. 

8. Donations Made Towards Scientific Research and Rural Development

Section - 80GGA 

Limit – No limit

If donations are made for scientific research and rural development, tax waivers on the same can be claimed under Section 80GGA.

100% of the income spent is eligible for such deductions, provided the transaction has been made through a bank account and is documented. 

9. Donations Made Towards Political Parties

Section - 80GGC 

Limit – No limit

Donations made to political parties are also tax saving other than Section 80C. The entire contribution is waivered from tax calculations, provided it was made through wired bank transfers.

Also, the political party to which such contributions were made has to be registered under Section 29A of the Representation of People Act (RPA) of 1951. 

 

 

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Paras Mittal
Founder, PNJ HUB

GST Tax advisory and Implementation Tax Planning & Consultancy Income Tax Returns, Assessment, Refunds, Appeals, PAN TDS and Advance tax Assessment and Appeals Transfer pricing audit and Form 3CEB preparation & filing Service Tax Assessment & Appeals Sales Tax Assessment & Appeals

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User: 1204.4 star

Area of Expertise: Legal Dispute, Corporate Governance, Mergers And Acquisitions, Taxation, Real Estate
Qualifications: CA
Experience: 12 Years
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Area of Expertise: Legal Dispute, Corporate Governance, Mergers And Acquisitions, Taxation, Real Estate, Visa and Immigration Services, Information Technology, Funding, Insurance and Financial consulting
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Area of Expertise: Legal Dispute, Corporate Governance, Mergers And Acquisitions, Taxation, Real Estate, Visa and Immigration Services, Information Technology, Funding, Insurance and Financial consulting
Qualifications: CA
Experience: 12 Years
No. of Clients Served: 50