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How to save Tax?
Salaried employees should opt for optimum tax saving salary structure to claim HRA, LTA, transport allowance, Children education allowance, hostel allowance, reimbursement of medical expenses and take perquisites, wherever possible to take tax advantage.



Submit all the expenses details to employer like, children’s Tuition fees, interest on education loan, housing loan, medical expenses, insurance premium paid receipts tax saving investment proof etc.



Invest in tax saving investment check FAQ No.4 to list of tax saving investment, kindly check the return on investment and tax saving in absolute term to select the investment. Select the investment which gives more return on investment don’t blindly invest the amount in the investment recommended by the Insurance agents, most of them will recommend the one which given the highest commission to them


Some tips
1. Life insurance. Life insurance should be taken if you are the only bread earner in your family and not on your children’s name. The sum assured should be such that if your dependent get’s that amount that amount should be in the position to replace your earning for the family so that they won’t suffer financially, if you are getting rental income or any other interest income you needs not go for any Life insurance. This is because traditional life insurance policies give very less return on income. Suggestion Go for Online term insurance which gives only death benefits and no maturity benefits. It will be very cheap approximately it will cost Rs.7,000/- to 8,000/- for Sum assured of Rs.1,00,00,000/- Selecting insurer with high claim settlement ratio.

2. Medi-claim insurance to take care of your hospital expenses. Don’t just take any insurance to save tax. it is very important to take care of your family hospital expenses, take some time to see the advantage and limitation in that policy so that it will help in future to save hospital expenses.

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What is the tax saving investments eligible for deductions AY 2014-15?
1.Life Insurance Premiums
2.Contributions to Employees Provident Fund (EPF)
3.Public Provident Fund (PPF)
4.National Savings Certificates (NSC)
5.Unit Linked Insurance Plan (ULIP)
6.Repayment of Housing Loan (Principal)
7;Equity Linked Savings Scheme (ELSS) of Mutual Funds
8.Fixed Deposit (FD) with Banks having a lock-in period of five years
9.Pension Funds
10.Senior Citizens Savings Scheme (SCSS)
11.Five years Post office Time deposit.
12.Contribution to approved annuity plan.
13.Payment of tuition fees by an individual assessee at the time of admission or thereafter to any university, college, school or other educational institutions with in India for the purpose of full time education of any two children of the individual.
14.Health insurance premium
Maximum deduction available :
a. Rs.1, 00,000/- for investment specified in serial No.1 to 13.
b. Rs.20, 000/- for expenditure specified in serial No. 14.
c. Rs.35000/- for expenditure specified in serial No. 15( For Senior citizen Rs.20,000 and for others Rs.15000/-)

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Are you a dealer under K-Vat and your yearly turnover is more Thant 50L ?

Then you have to furnishing of bill wise details in respect of purchases, sales and receipt/ dispatch of goods otherwise than by way of purchase/sales (i.e. stock transfer) electronically. This would be effective immediately commencing from the tax period May, 2014 so with in 20th June you need to upload all the details electronically along with Vat returns.

1. Effect dealers are required to upload bill wise sales and Purchase including Interstate stock transfer and consignment transfers with party TIN No and Invoice NO.
2. Department may reject the input claim if your dealer has done some mistake and I will lead too many practical difficulty.
3. Be care full in respect of TIN No while uploading the returns.
4. Mistake in TIN No will lead to selection of Case for Audit.


Reference Notification vide Circular No: CCW/CR 44/2013-14 dated 29-04-2014 issued by Department of Commercial Taxes, Karnataka


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