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| *Ostroff, Fair and Company>>>India Taxes |
How to save tax on my salary? |
what are the various options available so that i will be able to save tax on my salary. See , maxi,um deduction you can get conventionally is Rs 1,00,000 under Section 80C (erstwhile rebate under Section 88). The best option to save on your tax is buying Home on loan since the interest is still low compared to four years ago ad now you can get deduction of more of upto Rs 2,50,000 i.e 1.5 lacs on interest and 1 lac on Principal . you have not given details of your income. So if your income is very high , real estate investment is best option. ELSS (Equity Linked Saving Scheme) Systematic Investment Plan. LIC Ask your boss if he can give part of your salary in cash. well according to chidambaram if your income is rupees 1 lakh you need not pay any tax and also there are benefits to women employees upto rupees 1.2 lakhs however if your income exceeds one lakh you can invest upto rupees 1 lakh in bonds or insurance or mutual funds or you may take a housing loan and that 1 lakh is exempt from tax let me give you an example income: 1 lakh no tax 1 lakh fifty thousand : you can invest rupees 50,000 in bonds insurance ,etc so your taxable income is zero your income rupees 3 lakh you can invest upto 1 lakh in bonds ,mutual funds insurance etc and your taxable income will be rupees 2 lakh only simple. make investment in the policies where u can get tax benefits |
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