There are three primary ways in which employees can reduce their tax liability -
- If you pay rent, please ensure that Opfin knows that by putting in the required information in the tax deduction page. If your rent exceeds Rs. 8,333 per month, then you also need to provide your landlord's name, address and PAN number.
- You can make investments, several of which give you tax benefits. If you plan to make some investments in this financial year, but haven't yet, you can still put in an amount under the correct section so you start receiving the tax benefits immediately. However, if you do this then you must ensure that said investments are made before the end of the financial year.
- If you have taken a home loan and are paying interest on it, you can get additional tax benefits for it.
Please remember to update all this information in your Tax Deductions page in Opfin.