How to save maximum Salary from income tax
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How to save maximum Salary from income tax

Gurminder Started The Discussion:

I have recently joined a company and my CTC is coming under the taxable limit. I would like to know the various savings which I can opt for to save money.

p ramachandran - Member Since: Aug 2007
Dear Gurminder, Have LIC Policy, PF Voluntary contribution,savings in NSc - these will give hand to reduce your burden.

basudeva - Member Since: Nov 2005
Dear Gurminder,

Kindly send the details of salary structure as per your appointment letter. So I can suggest you regarding tax saving matter as possible under Income Tax Act.

Basudeva Choudhury
New Delhi
Mobile no. 9891430567

meenaxi1985@gmail.com - Member Since: Nov 2008
Hi Basudeva Choudhury,

Please suggest me also, how i can save my salary every year 30000 i am paying for tax..my salary is 40000.

Kindly suggest at the earliest, my id


Regards,
meenakshi

hemlatan - Member Since: Jun 2009
I want to ask one question here:If someone has 8 lac annual salary then how to save tax and maximum how muhc tax can be saved?Apart from tax slab+ 1 lac investment in LIC/NSC/PPF + Medical any thoughts?

hemlatan - Member Since: Jun 2009
Quote:
Originally Posted by meenaxi1985@gmail.com View Post
Hi Basudeva Choudhury,

Please suggest me also, how i can save my salary every year 30000 i am paying for tax..my salary is 40000.

Kindly suggest at the earliest, my id


Regards,
meenakshi
Section 80C allows a maximum limit of Rs 1 lakh across investments ranging from provident fund, PPF, infrastructure bonds, fixed deposits (5 years or more), NSC, insurance/pension plans, unit linked insurance, equity linked savings scheme etc. It also includes tuition fees of your children and the repayment of principal on your housing loan. The interest component on your home loan has a separate limit of Rs 1.5 lakh. Medical premia upto a maximum of Rs 15,000 qualifies for deduction, with an additional Rs 15,000 for parents.House Rent AllowanceMinimum of – 1. Actual HRA 2. Rent Paid – 10% of Basic 3. 40a% of Basic (Non-Metros) or 50% of Basic (Metros)Conveyance AllowanceRs 800 / MonthLeave Travel AllowanceTwo trips in a block of 4 Yrs Amount not exceeding Air Economy or Rail AC I Fare shall be for shortest distance and for a single destinationMedical ReimbursementRs 15,000 / Annum

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