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Income tax, two small words can bring tension for those who have to pay it. We think of saving tax every day whether we go for lunch or win a lottery. We pay so many taxes in different forms to the government for the nation’s development. Now, we cannot control how the government spends our money but, what we can control is how much tax to pay to the government. Income tax saving and tax planning is a smart idea as it is also legal while, tax avoidance or not paying the required amount of tax is illegal. There are some smart ways to save on your income tax legally. Let’s discuss those tips.
Income Tax Saving Under Section 80C
Section 80C is perhaps the most common term that is heard while it comes to saving tax There are various investment options that fall under section 80C of the Income Tax Act, 1961. Let’s discuss the most popular ones.
- Life Insurance
Purchasing a life insurance policy is perhaps the most secure and efficient income tax saving method that is a must purchase for everyone as life is simply unpredictable. All types of life insurance policies are eligible for tax deduction under section 80C. This tax deduction is eligible for policy premiums paid for the taxpayer himself, spouse, dependent children or any other member HUF (Hindu Undivided Family). Under this section, the maximum tax exemption rate is 20% of the sum of the annual premium if the policy was purchased on or prior to March 31, 2012. The tax exemption rate is 10% of the sum of the annual premium if the policy was purchased before April 1, 2012.
- Public Provident Fund (PPF)
PPF investors can claim for tax deduction under section 80C. The minimum deposit limit to a PPF account is 1,50,000 /year. So, all the deposits you make to your PPF account are eligible for exemption. But, it is a locked-in process. Hence, you cannot withdraw your money for 15 years from the time of investment. However, partial withdrawals are available only after the completion of 7 years.
- Equity Linked Saving Scheme
As the name suggests, ELSS is an equity scheme. So, this is perfect for financial wealth building as well as income tax saving. Investing in ELSS is a wise idea as it is a tax saver under section 80C. However, they have a requirement of locking-in the money for 3 years from the date of investment. Invest for long term in this scheme for high returns.
- Senior Citizens Savings Scheme
Senior citizens can invest in this scheme to save on income tax. An individual of at least 60 years of age can invest in this scheme for 5 years. Voluntary retirement scheme investors can choose this after the age of 55.
- Home Loan
For all the home loan payers, here’s good news that the income tax department gives you a relief by providing you tax exemptions on the principal amount under Section 80C. The maximum limit is 1,50,000 for claiming tax exemption. Under Section 24, you can also save taxes on the interest amount. The maximum limit for exemption is 2,00,000 under section 24.
Income Tax Saving Under Section 80D
Tax exemption can be claimed on medical insurance premiums under section 80D. A person is eligible for a tax deduction of up to 25,000 for insurance of self, spouse, dependent children. If the individual purchases insurance for his/her parents then tax deduction amount will extend to 25,000 more for parents whose age is less than 60years and 50,000 for parents aged above 60 years.
Income Tax Saving Under Section 80E
Education is quite expensive nowadays. Education loan for higher education after 12th standard can save a lot of tax under 80E. The tenure of tax exemption on an education loan is the maximum of 8 years. But, if the repayment of the loan finishes in 5 years, then the tax exemption tenure will be 5 years only.
Income Tax Saving Under 10(13A) and Section 80GG
HRA or House Rent Allowance is given to an employee by an employer to meet the expenses if the employee is living in rented accommodation. People who get HRA as a component in their salary can claim for tax deduction under Section 10(13A).
An individual who is self-employed or an employee who does not have HRA as a component in their salary but they have expenses regarding accommodation can claim for tax deduction under Section 80GG. The maximum deduction permitted under this section is 60,000.
Income Tax Refund
An income tax refund can be issued when the taxpayer pays an excess amount of tax than the amount the taxpayer owes to the government. This miscalculation happens when n an advance tax, self-assessment tax paid or TDS deduction is higher than the taxpayer’s tax liability. In this case, income tax refund should be filed in the Assessment Year (AY) for the extra amount paid/deducted in the Financial Year (FY).
Save on your income tax every year by tax planning. Spending the money and investing the money in a certain way can prove to be beneficial. Use the ways of saving income tax provided by the government in a smart and legal way.
As robots evolve to do more work around us, the UK-based humanoid robot manufacturer Engineered Arts has infused more human-like facial expressions into one of its robots, which may leave you with an eerie feeling.
In a video posted on YouTube, the robot called 'Ameca' displays various human expressions, like appearing to "wake up" from sleep, as its face shows confusion and frustration when it opens its eyes.
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Once awake, 'Ameca' starts looking at its hands and arms, opens its mouth and raises its eyebrows, just like a human does.
At the end of the video, Ameca smiles and holds a welcoming hand out towards the viewer.
According to Engineered Arts, the humanoid bot is currently unable to walk and it is working towards giving it the ability in the near future.
"Designed specifically as a platform for development into future robotics technologies, 'Ameca' is the perfect humanoid robot platform for human-robot interaction," says the company.
The 'Ameca' hardware is a development based on its own research into humanoid robotics and built on its advanced 'Mesmer' technology.
Ameca' on display at the CES 2022 conference in Las Vegas in the US in January.Unsplash
Also read: NASA humanoid robot dances to technology
Engineered Arts is slated to put 'Ameca' on display at the CES 2022 conference in Las Vegas in the US in January.
"Human-like Artificial Intelligence needs a human-like artificial body. Artificial Intelligence and Machine Learning systems can be tested and developed on Ameca alongside our powerful 'Tritium' robot operating system," the company posted on its website. (IANS/PR)
(Keywords: Humanoid Robot, Ameca, Technology)
Microsoft has disrupted the activities of a China-based hacking group, gaining control of the malicious websites the group used to attack organisations in the US and 28 other countries around the world.
The Microsoft Digital Crimes Unit (DCU) said in a statement that a federal court in Virginia granted its request to seize websites of the hacking group called 'Nickel', enabling the company to cut off Nickel's access to its victims and prevent the websites from being used to execute attacks.
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"We believe these attacks were largely being used for intelligence gathering from government agencies, think tanks and human rights organisations," said Tom Burt, Corporate Vice President, Customer Security and Trust at Microsoft.
Obtaining control of the malicious websites and redirecting traffic from those sites to Microsoft's secure servers will help the company protect existing and future victims while learning more about Nickel's activities.
Also Read : Fortnite : A Gold Mine for Hackers
"Our disruption will not prevent Nickel from continuing other hacking activities, but we do believe we have removed a key piece of the infrastructure the group has been relying on for this latest wave of attacks," Burt said late on Monday.
To date, in 24 lawsuits - five against nation-state actors -- Microsoft has taken down more than 10,000 malicious websites used by cybercriminals and nearly 600 sites used by nation-state actors.
"We have also successfully blocked the registration of 600,000 sites to get ahead of criminal actors that planned to use them maliciously in the future," the tech giant informed.
"We believe these attacks were largely being used for intelligence gathering from government agencies, think tanks and human rights organisations."Unsplash
In some observed activity, Nickel malware used exploits targeting unpatched on-premises Exchange Server and SharePoint systems.
"However, we have not observed any new vulnerabilities in Microsoft products as part of these attacks. Microsoft has created unique signatures to detect and protect from known Nickel activity through our security products, like Microsoft 365 Defender," the company noted.
Nickel has targeted organisations in both the private and public sectors, including diplomatic organisations and ministries of foreign affairs in North America, Central America, South America, the Caribbean, Europe and Africa. (IANS/SP)
(Keywords : hacking, China, Microsoft, website, victim, intelligence, attack, malicious, traffic, server, company, disruption, lawsuits, cybercriminals, vulnerability.)
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Chip manufacturer MediaTek on Monday announced that it is focused on making 2022 a year aimed at rapid growth, business success, substantial expansion in Research and Development capabilities.
MediaTek's plans to boost technology democratisation and enable access to disruptive connectivity with its range of mainstream to flagship 5G chips.
"We at MediaTek are focused on making 2022 a year aimed at rapid growth, business success, and substantial expansion in our R&D capabilities. For 2022, we are focused on further strengthening our presence in India, offering incredible experiences to customers, and supporting the country's technology initiatives with our expertise and collaboration with leading OEMs," Anku Jain, Managing Director, MediaTek India said in a statement.
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In the flagship segment, MediaTek recently announced the Dimensity 9000 chip, which is a milestone of innovation and a rise to the incredible, built-to-power flagship 5G smartphones in the world, the company claims.
MediaTek Dimensity 9000 features a single Cortex-X2 performance core clocked at 3.05GHz, three Cortex-A710 cores at 2.85GHz and four Cortex-A510 efficiency cores at 1.8GHz.
It packs a 10-core Arm Mali-G710 that takes care of graphics processing, the report said.
The chipset also comes packed with MediaTek's fifth-generation APU with six total cores for AI processing.Unsplash
Also read: Realme Unveils First 5G Smartphone
The chipset also comes packed with MediaTek's fifth-generation APU with six total cores for AI processing.
The chipset can handle screens with up to a 180Hz refresh rate at Full HD+ resolutions. It is also the first chipset to have an 18-bit image signal processor, offering the ability to capture 4K HDR video using up to three cameras at the same time, or still photos using up to a massive 320MP sensor. (IANS/PR)
(Keywords: 5G, smartphones, Mediatek)