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Tax Related
Deductions and Credits

Deductions and Credits

Deductions for salaried persons

You are entitled to deduction upto an overall limit of Rs. 1 lakh for any amount that you have invested by making purchases in any of the schemes mentioned below during the financial year (FY) which starts from April 1 and ends on March 31:

Please note that if you have already provided the deduction details to your employer and the employer has already considered the same in computing your income tax, then you MUST NOT ENTER THE SAME DATA AGAIN in the deductions list.

1. Your contribution towards Provident Fund which is deducted from you salary to a maximum limit of 12% of your basic salary.

2. Purchase of National Savings Certificates.

3. Any amount that you have paid towards life insurance premium for yourself and your immediate family.

4. Any amount that you have invested in Public Provident Fund.

5. Any amount that you have invested in Unit Link Insurance Policy.

Q. 1 : Who is eligible to use Taxshax?
Ans. : Indian citizens, residing in India, with income from salary and any or all of the following sources: Salary, House Property, Agriculture, Capital Gains or Income from other sources qualify to use this package.

Q. 2 : What are the payment options?
Ans. : While registering with Taxshax you can make online payment using your Visa or Master credit cards. You can also send a cheque or Demand Draft to the address displayed on the website. Activation of your account is subject to realization of cheques/ credit card.

Q. 3 : Who do I call to answer any questions I may have?
Ans. : On www.taxshax.com "Contact Us" link under Support displays our office address, phone number (020-66261814, 020-66261816) and support email ID (support@taxshax.com). It also has a link to Raise a Query. You can look for the answer to your question on Frequently Asked Questions web page. If your query is not found there, you can click on Post Your Query link to enter your question.

Q. 4 : Who can apply for PAN?
Ans. : All assessees or persons who are required to e-file a return of income for themselves, even on behalf of others, must have a PAN.