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TDS Deduction: How much TDS will be deducted from your income depends on your tax slab rate bracket. Tax deducted at source is tax deducted from your salary.
It is a fixed percentage of tax deducted from salary by the company. However, there are various options available to ensure that TDS is not deducted.
TDS should not be deducted, do this!
To avoid TDS deduction from income, you can submit Form 15G or 15H. Actually, Form 15H is for senior citizens. If there is no tax on total income then you can submit this form.
To avoid TDS deduction, you can adopt different investment options. Also, TDS can be saved even on taking home loan for the first time.
Which schemes can you invest in?
- PPF (Public Provident Fund)
- NPS (National Pension System)
- ULIP (Unit-Linked Insurance Plan)
- Sukanya Samriddhi Yojana
- tax saving FD
- ELSS (Equity-Linked Savings Scheme) Fund
PPF: This is a government scheme. This scheme provides the facility to save small amount and get returns on it. You can avail deduction under Section 80C on investments.
Sukanya Samriddhi Yojana: If you invest in the scheme, you can get a maximum rebate of up to Rs 1.5 lakh in a year. This exemption can be availed under Section 80C of the Income Tax Act, 1961.
NPS- TDS can be saved by investing in NPS under Section 80CCD of the Income Tax Act 1961.
This way you can save TDS on home loan
If you are taking a home loan for the first time, then TDS on salary can be saved. TDS on home loan can be saved under section 80EE. You can get a maximum rebate of up to Rs 2 lakh in a year.