Tax To-Do list: Claim what is rightfully yours

Allowances are an essential component of your basic salary structure. These facilities offered by your employer are your right and claiming the same is highly recommended. HRA, LTA, conveyance allowance, reimbursements of medical bills are basic allowances that salaried individuals are entitled to. You should avail the same to reduce your taxable income. However, remember that most of these allowances are given only on submission of original documents. Hence, ensure that you have original rent receipts, medical bills, travel tickets so that these are easily accepted by your employer.
Here is a checklist that ensures that you save a little extra with efficient tax planning as well as be a smart and informed taxpayer:

• Expand your investment portfolio
• Health is wealth – quite literally
• Self assessment – a must do
• All sources are good sources- report money from everywhere
• Deadlines matter: honor the due date to file your return
• If it’s exempt, why hide it?
• Non declaration of income earned from previous employer