Every citizen of India must pay taxes. The Government of India uses these taxes to run welfare schemes for the needy as well as provide basic infrastructure and facilities to all. Taxpayers must also know that the Government of India offers certain tax exemptions that borrowers can use to reduce their tax burden. Though these tax benefits are available to both self-employed and salaried individuals, salaried individuals enjoy more favours. In this article, we look at the 8 income tax exemptions that salaried people can use to reduce their tax burden.
Income Tax Exemptions Available to Salaried People
HRA or House Rent Allowance
Many employers want their employees to live in a good home, in a good locality. Thus, they include a house rent allowance component in the employer's salary. Taxpayers can claim tax exemption on a certain percentage of one's house rent allowance. The house rent allowance exempt from tax liability depends on four factors: the taxpayer's salary, their place of residence, rent paid by them and the HRA received. All taxpayers must claim HRA as it usually makes up a hefty sum and allows borrowers to save a considerable amount of taxes each year.
Also Read: How to Claim Home Loan Tax Exemptions and HRA Together
Exemption on Leaves Encashed
All salaried individuals are allowed to take a specific number of paid leaves each year. In case the borrower does not avail of these leaves, they can encash them and claim a tax rebate on a certain percentage of this amount.
Tax Exemption Available on Leave Travel Allowance
It is crucial for the mental and physical welfare of human beings that they take leaves and spend time with their families. This is why most employers offer to leave travel allowance and one can claim a tax rebate on a certain percentage of this allowance. However, do keep in mind that one can claim these tax benefits only when they have used the money to travel in India and have all the bills related to travel.
Tax Exemption Available of Gratuity
Gratuity refers to a gift made by an employer to an employee. A part of the gratuity that the borrower receives is exempt from tax mandates. However, the amount of tax exemption that one can claim depends on whether the employee falls under the government employee and employees of local authorities category, employees covered under the Payment of Gratuity Act, 1972 or none of the above.
Tax Exemptions Available on Pension
Most employers also give their employees a pension on retirement. In some cases, this salary comes from the pocket of the employer and in some cases, this pension is saved or purchased by the employee in the form of an annuity. A salaried employee's pension can be commuted or uncommuted. When one opts for the former, they get their entire pension in one go whereas when one opts for the latter, they receive their pension in the form of monthly instalments. In both cases, a certain part of the total pension is exempt from tax deductions.
Income Tax Benefit on Home Loan
This tax exemption is available to both salaried as well as self-employed individuals. Under Section 80C of the Income Tax Act, borrowers can claim up to a maximum of Rs.1.5 Lakh on payments made towards interest repayment and up to a maximum of Rs.2 Lakh on payments made towards interest repayment. The best part about a Home Loan is that if one avails of a Home Loan with a co-borrowers, all co-borrowers who are also co-owners can claim income tax benefits on the home loan separately. Thus, a husband and wife can claim up to a maximum of Rs.7 Lakh under various sections of the Income Tax Act. Home Loans allow borrowers to save a considerable amount of money over an extended period. If you don't understand how much a Home Loan can help you save each year in the form of tax exemptions, use an income tax calculator to do the calculations for you.
However, if you are planning to avail of a Home Loan so that you can build an asset while saving on taxes, remember to negotiate hard and go with the lender offering you the lower housing loan interest rate. This way, not only will you save a lot of money, but you will also find it easier to repay your loan in a stress-free and hassle-free manner.
Income Tax Exemption Available in the Case of Voluntary Retirement
Sometimes, some employees decide to retire before the designated age of 60. In this case, some employers choose to give money to borrowers as pension and a certain section of the pension is received in case of
VRS is exempt from tax deductions under Section 10(10C) of the Income Tax Act.
Income Tax Exemption on Other Allowances
Over and above the tax exemptions mentioned above, borrowers can also claim tax exemption on various other allowances given to employees by employers. Some of these allowances on which one can claim tax exemption are transport allowance and children's education allowance.
Read Also: Income Tax Slabs in New Regime
Final Words
All responsible citizens of India must pay taxes on time. However, they must also use the various tax exemptions available to them to save as much tax as they can.
There are a few things that taxpayers must know at this point. The above-mentioned tax exemptions are not the only tax exemptions available to salaried employees. There are more. However, the above-mentioned 8 tax exemptions are the most popular and most easy to claim. If your yearly tax liability is turning out to be too high, talk to a tax expert or a Chartered Accountant and they will help you understand how you can save more taxes.
Further, if your tax liability is exorbitantly high, consider availing a housing loan. Home Loans come with several benefits. In fact, in the case of joint Home Loans, a husband and wife who are both earning can claim up to a maximum of Rs.7 Lakh as tax exemption under various sections of the Income Tax Act.
People Also Read: Joint Home Loan Tax Benefits
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home+loan Home Loan
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What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
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loan+against+property Loan Against Property
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3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
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How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
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How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
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How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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Understanding Loan-to-Value Ratio (LTV) and its Calculation2023-11-28 | 4 Min
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
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Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
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How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
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Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
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Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
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What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?2024-01-24 | 3 min
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A Helpful Guide to Understanding Your Credit Report2024-01-26 | 5 min
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An Essential Guide to Refinancing a Home Loan