A tax relief means you either pay less tax on account of money spent on specific things or get a credit against the tax payable. The Income Tax Act incentivises taxpayers through other reliefs and tax deductions tied to either saving for specific courses or investments. Some tax reliefs accrue automatically whereas some are tied to certain conditions, for example contributions to specified schemes, savings or application for exemption. Then there is the mortgage relief which is a tax deduction on interest incurred on mortgages. These reliefs and deductions, if utilised can ease the tax burden significantly.

Source: Standard Digital June 07, 2016 21:11 UTC