ClearTax's Archit Gupta debunks income tax deduction myths
Updated : February 08, 2019 06:22 PM IST
If you are a salaried person and your employer offers house rent allowance (HRA), you can claim exemption on the rent payments you make against the HRA paid to you. The employer will give you this benefit directly if you submit your rent receipts.
Your PF contributions to the EPF account are not taxable. In fact, you can claim them as deductions under Section 80C. Please note that the deduction made under Section 80C can be claimed to a maximum limit of Rs 1,50,000.
While planning your monthly budget, you may set aside some amount for doing the SIP. Ensure that you stay committed to your SIPs for achieving financial goals.
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