Tax-Saving Tips for Salaried Employees: How Do You Maximize Savings Without Medical Reimbursement?

If an employee is receiving a salary of Rs. 18,000/- or Rs. 40,000/-, how can they save on tax? As medical reimbursement is included in the payslip, requiring submission of bills every month, we have removed the medical component. Now, how can we save on tax? Please suggest.

I am getting a salary of Rs. 74,000 per month without any breakdown like Basic+DA+HRA. To benefit more from tax deductions, how should my employer split the salary?

Hi all,

I still don't understand the concept of sending the document by email. Please forgive me since the list is so huge. What I can do is arrange to upload the document here. My apologies to the site owners for uploading this file twice.

Also, please note that you can click on the file and download the same, or you can use the right-click button and click on "Save target file."

Regards,
AJ

Hi Nisha,

Please check the previous link posted by me; it has an attached document regarding the same. It delves into the saving of taxes.

Regards,
AJ

Dear Sir,

I have a query about the interest on Housing Loan.

My query is: If an employee is paying interest to the bank of more than 3 Lac on one house and the property is in the name of both the employee and his wife, can the employee take an exemption of interest on Housing Loan of 1.5 Lac and can his wife also claim 1.5 Lac as well, as per the new amendment.

The following heads are allowed as deductions, and if bills are produced, the amounts will be tax-free:

Food allowance: $2600 (bill not required if given through food coupons)

Medical: $1250

Travelling: $800 (no voucher required)

Conveyance (Petrol)

Books and Periodicals

Internet usage

HRA up to 40% of basic

Dear Mr. Pawan Krishna Reddy,

I am an army officer who has taken release from service in Sep 08. I have taken up a job in Mumbai. Can you please suggest to me how I can best save income tax on a salary of 60,000 per month, i.e. 720,000 per annum? There is no breakup of salary yet, but I've asked the proprietor to do so. Can you kindly help? My email id is santi10481@rediffmail.com.

Thank you.

I feel sharing details on this site will help many of us benefit. Why does one have to mail to personal IDs? Please share on the site. That is why we are here for... learning and sharing.

Aprita

Dear Mr. Reddy,

Please mail the same on lavkush.somani@gmail.com.

Regards,
CA. Lavkush Somani
S. R. Somani & Co.
Chartered Accountants

Dear Sir,

My name is Keerthi, and I am working in the hotel industry. Please guide me on how to save tax and for my life savings as well. Kindly advise on this matter.

My basic is - 14175.00 + HRA - 4252.00 + SPWA - 4252.00 + Conv - 946.00. Deductions are PF - 1701.00 + IT - 525.00 per month. Please inform me on how I can save my money.

S. Keerthi
Executive Housekeeper

If you are working for any Government of India company, the dream of saving tax may seem unattainable. However, if you are employed by a private firm, a beneficial strategy could be to establish a small business. By declaring in your tax returns that you have made significant investments in this venture and subsequently incurred losses or faced bankruptcy, you may be able to reduce your tax liability.

Hi folks,

Does anyone have the format? If so, please post it on the site. It will be useful to many members.

Dear Pawan,

The topic/material is hot and eye-catching as everyone understands the format will be able to evade tax. To be very frank, I would like to comment on the format of tax-saving salary breakup only if the same is available to see. To the best of our knowledge, a thorough understanding of the tax provision is the only way to save/evade tax. Keep in mind that TAX EROSION IS A CRIME BUT TAX EVASION IS NOT.

Regards,
Team Member
HRD Professionals

Dear All,

I want to draft a letter instructing all staff members regarding their income tax deduction from salary and any provisions made by them to save tax. Is there any specific format for this? Please help me. It's urgent.

Very simple – buy tax-saving bonds, invest in ULIPs, NSC, family medical insurances, and so on...

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