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.
From United Kingdom
Acknowledge(1)
Amend(0)
1From United Kingdom
Acknowledge(1)Amend(0)
Dear Gurminder, Have LIC Policy, PF Voluntary contribution,savings in NSc - these will give hand to reduce your burden.
From India, Madras
Acknowledge(0)Amend(0)
From India, Madras
Acknowledge(0)Amend(0)
Dear Gurminder,
Kindly send the details of the salary structure as per your appointment letter so that I can advise you regarding tax-saving matters as allowed under the Income Tax Act.
Basudeva Choudhury
New Delhi
Mobile no. 9891430567
Acknowledge(0)Amend(0)
Kindly send the details of the salary structure as per your appointment letter so that I can advise you regarding tax-saving matters as allowed under the Income Tax Act.
Basudeva Choudhury
New Delhi
Mobile no. 9891430567
Acknowledge(0)Amend(0)
Hi Basudeva Choudhury,
Please suggest to me how I can also save money. Every year, I am paying 30000 for taxes, and my salary is 40000. Kindly provide your suggestions at the earliest. You can reach me at
.
Regards,
Meenakshi
From India, Bangalore
Acknowledge(0)Amend(0)
Please suggest to me how I can also save money. Every year, I am paying 30000 for taxes, and my salary is 40000. Kindly provide your suggestions at the earliest. You can reach me at
Regards,
Meenakshi
From India, Bangalore
Acknowledge(0)Amend(0)
I want to ask one question here: If someone has an 8 lakh annual salary, then how to save tax and what is the maximum amount of tax that can be saved? Apart from the tax slab + 1 lakh investment in LIC/NSC/PPF + Medical, any thoughts?
From India, Mumbai
Acknowledge(0)Amend(0)
From India, Mumbai
Acknowledge(0)Amend(0)
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
From India, Mumbai
Acknowledge(0)Amend(0)
From India, Mumbai
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
SALARY CALCULATOR & INCOME TAX.zip
Income tax declaration & Salary structre 2012-13.xls