Rent plays a major role in the finances of millions in India, whether you're a tenant paying rent or a landlord receiving it. The Income Tax Act, 1961, lays down specific rules governing the taxability and exemptions related to rent. Understanding these rules can help you manage your finances more efficiently while staying compliant with tax laws.
Are you a salaried employee struggling to make ends meet with rising living costs and economic uncertainties in the future? Do you feel that a substantial part of your income is just going in taxes? Then you must take the full benefits of the tax deductions available to you.
Buy insurance, not just for income-tax breaks, but because you really need an insurance policy. Consider Public Provident Fund to be a great investment, even without tax breaks.
This tax benefit is available only to persons who are in employment and is not to persons who are self employed.
An article that explains how a salaried individual can save income tax