Tax Breaks or Tax Deductions refer to the claims made to reduce taxable income.
Individuals can claim income tax deductions on certain investments and expenses taken during the financial year.
Quicko's Maximize Deductions feature allows you to claim as many deductions as possible. This feature enables you to enter all the deductions, showing the eligible & qualified amount.
To add tax breaks on Quicko
- Navigate to Filing > TAX BREAKS from the side nav
- Scroll down and enter the amount of the following deductions applicable to you
- Popular Deductions (Chapter VI-A)
- Other Deductions (Chapter VI-A)
- Click on Save
The preview of the tax breaks shows:
1. The deduction amount entered, and,
2. The eligible amount of deduction a taxpayer gets as per Income Tax rules.
Note: Ensure you have sufficient proofs of the deductions to claim them.
List of Deductions under Tax Breaks
1. Popular Deductions
2. Other Deductions