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What are the possible ways to save tax on a salary of Rs. 1 lac pm. Is there any allowance head which is tax exempted, so that money paid in that head is beyond tax calculation.
Also where one can invest to save tax which is also profitable and gives good returns.

From India, Mumbai
Other than the following components, club Fees (registered health clubs, holiday clubs) can be claimed for tax exemption.
1. Child education allowance
2. Medical Assistance
3. House rent paid
4. Food coupons
5. Conveyance allowance
6. Gift coupons
7. Housing loan interest
Max 1 L is deductible under 80C (savings, Insurance premia, tution fees of children, PF, house loan principal repayment, NSCs, etc) & 20K under 80CCF.
For investment, PPF is good.

From India, Lucknow
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