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.
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Steps to add Deductions on Quicko
- In the Filing tab, navigate to TAX BREAKS from the side nav
- Navigate to Popular Deductions & Other Deductions (Chapter VI-A)
- Enter the deductions applicable to you
- Click on Save
The preview of the deductions displays:
1. Deduction amount entered
2. Eligible amount of deduction a user gets as per Income Tax rules.
Read more about Tax Savings & Deductions.
Note: 1. Ensure you have sufficient proofs of the deductions to claim them. 2. If deductions not available in Form 16 as Form 12BB is not submitted to the employer by the employee or any other reason on Quicko, add them manually.
List of Deductions under Tax Breaks
1. Popular Deductions
2. Other Deductions