Clarification: No Change on Financial Year

AskMeAnything
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Originally published at: Clarification: No Change on Financial Year | Blog by Quicko

Financial year remains the same…There have been rumors about the change in the financial year. It was forwarded with the comment that change had been undertaken because of the coronavirus outbreak. This claim is false. The Ministry of Finance released a late-night notification on March 30, 2020 calling this as “fake news.” It may be…

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I am not expecting a huge increase in salary due to the COVID-19 impact on business, but how can I increase my take-home salary?

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Amidst the lockdown, we are all working from home. What are the expenses and allowances I can claim?

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Hey @riya_gupta

These are testing times for everyone.
You can increase your Net Salary/Take Home Salary by planning your tax-saving investments u/s 80C and other Chapter VI-A deductions.

This will reduce your taxable income and TDS on Salary. But it is only possible if you provide your investment declaration to your employer correctly in Form 12BB.

Since it is the beginning of the financial year, it the right time to plan your investments and taxes.

Hope this helps :slight_smile:

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Hey @TanyaChopra

You can claim allowances like electricity and Wi-Fi expense while working from home during the COVID-19 lockdown.