Understanding Salary Tax Deductions: How Can We Save More on Taxes?

Hi,

Can anyone tell me the salary scale on which the tax should be deducted and any way by which we can save on our tax deduction?

Thanks,
Reply ASAP

Hi,

TDS depends on your salary. In the case of female employees, a salary up to Rs 145,000 is exempted, while in the case of male employees, it's Rs 110,000. It means if a person's salary falls within this limit, no tax deduction will be made. Further investment of Rs 1 lakh will help in reducing the tax. These investments should only be made under sections of the IT Act. If some TDS has been deducted wrongly, it can be reversed by the Tax Authority during the time of return filings.

Attached is the Tax Rate for this F.Y.

Regards,
Abhi

You can save tax by declaring/submitting rent receipts for HRA received. If you have any housing loan, you can claim the benefit for the same under section 24 for interest up to Rs. 1.5L and Rs. 1L for Principal under section 80C. If you have any further queries, you can let us know.

Regards,
Navroz