Education Travel Rebate Education Travel Rebate: Fill & Download for Free

Broadly, there are three ways to ensure that you pay optimal tax; claiming tax free income, incidental actions that bring tax benefits and finally investing/saving for tax benefits.Let us explore them in detail;Claiming tax free income:All you need to do here is submit documents to the HR and relax. Your tax outflow will automatically get managed. These are applicable for salary components that are tax free in nature. Here is the list of items:In case you live in a rented apartment and want to make your HRA tax free: Submit 12 months rental receipt from ownerFor making medical allowance tax free you need to submit medical bills for the yearTo make leave travel allowance (LTA) tax free you need to submit travel proofs For conveyance allowance to be made tax free you need to do nothing to prove. Attending work is good enough we guess!Incidental actions that bring tax benefitsHere you get benefits for certain positive actions you take in your financial life. Here again all you need to do is to submit proofs to claim tax benefits for those actions.Interest payment on your home loan- this qualifies under section 24Principal re-payment on your home loan- this qualifies under section 80C tax rebateInsurance premium receipts paid for the year- this qualifies for section 80C tax rebateTuition fee receipt paid for your children if any- this qualifies for section 80C tax rebateYour side contribution to employee provident fund (no proof to be submitted as the HR already has the records) – this qualifies for section 80C tax rebateMediclaim premium receipt- this qualifies for section 80D tax rebateParents mediclaim premium receipt- this qualifies for section 80D tax rebate Education loan statement (mentioning the interest component)- this qualifies for section 80E tax rebateInvesting/saving for tax benefitsHere is where you need to plan and act for managing your tax outgo. Broadly here you deal with the provisions of Sec 80C/Sec 80 CCC, 80G and 80 CCG. You are primarily expected to invest in any of the products listed in these sections and in return you get the benefit of paying lesser tax. But there is an upper limit to this. For both section 80C and section 80CCC the upper limit collectively is Rs 1,00,000.Section 80C/ 80CCC:In case the total amount claimed under 80C from the items that are listed in the above incidental category is totaling to Rs 1,00,000 then just chill. You have nothing much to do under these sections. But if total is less than Rs 1,00,000 then you can make some investments to claim tax benefits.The products that qualify for the same are as follows:Public provident fundBank fixed deposits (the 5 yr thing)Mutual fund-ELSSULIPsNational Savings Certificate (NSC) Pension PlanNaturally your next question will be which product to choose. Here is our recommendation:On closely looking at these products you will notice that all of them are long-term in nature. As it is a long-term investment, we need to take into consideration the negative impact of inflation while deciding on the product. Inflation robs the value of money as time passes. What a Rs 500 note can buy today it cannot buy after say, 5 years. Probably you need to have a Rs 1000 note! Hence whenever you make investments that are long-term in nature, the returns you earn necessarily should beat inflation.Only growth assets have the power to beat inflation in the long run. Equities, equity mutual funds, gold and real estate have the power to beat inflation in the long run. Though they are riskier in nature, in the long run they deliver the best value. Income assets like fixed deposits, bonds, traditional investment-cum insurance policies, etc give returns less than inflation.Arranging the section 80C products as per the asset class:Income assetsPublic provident fundBank fixed depositsNational Savings Certificate (NSC)Growth assetsULIPsPension PlanMutual fund-ELSSIt is now quite obvious that young and middle aged people should look at growth assets only. ELSS wins hands down over ULIPs since it has far lower costs and charges loaded onto it. This makes it one of the best tax saving instruments available. We will briefly look into it:What is ELSS?An equity linked savings scheme (ELSS) is very similar to a diversified fund - it invests in the broad Indian equity market. It has no stated preference for sectors or themes – it chooses stocks based on the fund managers research and hypotheses. An ELSS has a three-year lock-in period.Heres how to choose (the rule of three):Avoid funds that have less than three years of track recordAvoid funds that have an asset base of less than Rs.300 crores. You can get this figure in the fund fact-sheet (available for download at the funds site)Rank all ELSS in decreasing order of three-year returns. Choose one of the top three. Be aware, past performance may not be repeated in futureSection 80GIf you donate an amount to any recognized charity or relief fund, a part of the donation can be claimed as a tax rebate. You need to submit the certificate of donation to HR.A few organizations like the Prime Ministers Disaster Fund enjoy 100% deduction – which means the entire donation paid is deductible from your salary. However, most of the other donations including several religious organizations enjoy only a 50% deduction. If you pay Rs. 1,000 to such an organization, you can claim Rs. 500 as benefit.Section 80CCGThis is the newly announced rebate from the government called Rajiv Gandhi Equity Savings Scheme (RGESS). Features areOne can invest a maximum of Rs 50,000Tax rebate of 50%Only for individuals whose annual income is less than 10 lacsInvesting in stocks for the first timeInvesting in BSE 100, CNX 100, PSUs, certain mutual funds and ETFs (list) Lock in of 3 year but can trade after 1 yearThere is not much clarity in term of execution and procedure. May be you can give it a miss this year or wait for few more weeks to get complete clarity.Recap- here is the check list of documents you need to submit to your HRIn case you live in a rented apartment: 12 months rental receipt from ownerIn case you have home loan: Statement of housing loan with details of principal and Interest componentsMedical bills for the year if anyTuition fee receipt paid for your children if anyFlight & train tickets for LTA claimsInsurance premium receipts paid for the yearNSC purchased in the yearMutual fund (ELSS) statementMediclaim premium receiptParents mediclaim premium receiptEducation loan statement (mentioning the interest component)Bank Fixed deposit receiptsBe aware about the current crop of tax free bonds: Firstly it has nothing to do with tax rebate of Sec 80 CCF. Section 80 CCF (Rs 20,000) has been scrapped this year and you will not get any tax rebate on infrastructure bonds like the ones you got last year. Hence do not fall for this trap.source: http://www.newsanalysis.fintotal.com/Tax-Planning-for-Salaried-Employees-A-Last-Minute-Guide/5908

I see it as what it is — a gimmick and nothing more. The decision is absolutely arbitrary and makes zero financial sense.Why only women? Are there not daily wage male laborers who deserve this tooWhy all women? Can economically well-off women not pay?Where will the money come from?The Delhi metro ridership is about 27 lakh people daily.[1] Assuming that half of these are women, we have ~13.5 lakh female travelers availing the facility. Seeing that ticket costs between Rs 10 to 50 depending on the length of the journey, let’s assume that the average person pays Rs 20.So, the daily amount paid by female travelers is Rs 2.7 crore. The annual amount is close to Rs 1000 crore.Which is about 1.6% of Delhi’s 2019–20 budget, pegged at Rs 60,000 crore[2].And this is all in the midst of Kejriwal crying for the center to allocate more money.Arvind Kejriwal Slams Centre, Says No Money For Delhi Sanitation Workers"Last week Delhi government on the advice of Supreme Court paid Rs. 500 crore to the MCD. The Centre today denied to pay Rs. 500 crore, despite advice of the Supreme Court, although it has to pay Rs. 5,000 crore to the MCD.”Yeah. Doesn’t have 500 crore to pay the sanitation workers, but 1000 crore for freebies is there in some secret stash under his topi.Last year, same time, it was a different gimmick — waiving off outstanding water bills[3] .With the scheme having ended on December 31, 2017, the DJB data show that it waived a total of ₹821 crore in rebates and earned ₹392 crore in payments.In 2015, it was electricity bills and water that were subsidized[4] .The subsidies will cost about `1,700 crore in FY16, as per the figures provided by the Delhi government.Seems like everytime their popularity among the masses is going down, they do something like this to arrest their free fall.Mumbai contributes more than twice the tax collection that Delhi does.[5] And yet, BMC’s total budget is half of what the NCT gets.[6]But BMC does not create a hullabaloo about it because they do not go out handing such freebies.AAP’s decision reminds me of Fury’s lines from the 2012 Avengers.Footnotes[1] Delhi Metro Sees Steady Rise In Daily Passengers, Around 27 Lakh In February[2] Delhi Budget 2019: AAP government presents Rs 60,000 crore budget with focus on education and health[3] Over five lakh consumers availed of water bill waiver[4] Arvind Kejriwal-led Delhi govt slashes power charges by half, waives water tariffs beginning March 1[5] With ₹3.52 lakh cr, Mumbai tops in tax collection for FY19[6] BMC budget: BMC presents Rs 30,692 crore budget for 2019-20 | Mumbai News - Times of India

The expectations for me from the Union budget of 2016 are as followsRailway BudgetDecrease the operating ratio and improve the profits further.Doubling of the lines.Improving the safety of the trains.Introduction of faster trains.Accessible railway stations and coaches.Modernise the railway stations.Improve the local trains in Mumbai and provide them with more funds.Finance BudgetRemove the retrospective tax for once and all.Move away with the n number of taxes such as Income tax, professional tax, sales tax, service tax, octroi, vat, cess etc. Maintain a simplified regime.Strengthen the Revenue intelligence.Introduce Sin tax on Tobacco, Sugar and alcohol, this will reduce the expenditure of the state on the health care.Uniform health care policy to include all the citizens.Special incentive or rebate to people who do moneyless transaction i.e using cards or direct transfers from account.Reduction of Bad loans and naming/shaming the defaulters and reduction of infusion of taxpayers money to reduce the bad loans.Increase in the medical allowance, Travel allowance and leave travel allowance.Special rebate to people who invest in Infrastructure bonds.Make Educational loan cheaper, so that more students can pursue higher educations.Support Startups and make India a Startup hub by providing the necessary help.Better clarity and simplification of GAAR