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Save tax
Asked 8 months ago in Income Tax from Hyderabad, Telangana

Please let us know the specific query

Abhishek Dugar
CA, Mumbai
3576 Answers
165 Consultations

5.0 on 5.0

what you mean save tax , please provide your query so that TaxFull can help you

Lalit Bansal
CA, Delhi
576 Answers
38 Consultations

5.0 on 5.0

without salary details structure it very difficult to guide the tax structure. Generally under section 80CCD(1) an additional deduction of Rs 50,000 is eligible in addition to deduction of Rs 1,50,000.

Feel free to contact in case you require further clarification

Vidya Jain
CA, Kolkata
646 Answers
15 Consultations

4.8 on 5.0

you can contribute upto Rs. 50000 in NPS as you are already investing in PPF 1.5 Lakhs, yes its beneficial

other ways to save tax

Health insurance if you dont have right now

Home loan if you are planning to buy a house

other will can suggest as per you salary details

no your salary details will share with professional listed on TaxFull not to public thus feel free to share the same

Lalit Bansal
CA, Delhi
576 Answers
38 Consultations

5.0 on 5.0

Your company can contribute a maximum 10% of your basic salary towards NPS and there will be no taxes on this portion. Eg if your Basic is 10 lakhs per annum, the company can invest 1 lakh in NPS and you will not have to pay 30% on this i.e. a saving of 30000 ( assuming you are in 30% bracket).

Additionally you can invest 50000 from your side and that will be taxfree as well. You can decide the proportion in which you want to invest the amount in Equities, Government and corporate bonds. So it is market linked as well.

However one of the drawbacks of NPS is the long holding period(till retirement) and taxability at maturity.

Hope this clarifies.

Regards,

Nikhil.

Nikhil Khanna
CA, Mumbai
1429 Answers
19 Consultations

4.8 on 5.0

Dear Sir,

For salaried employees, investment avenues are very limited. Taxable income will depend on the components in your salary structure. There are allowances which are fully exempt, fully taxable and partly exempt and partly taxable. It would be better if you share you salary slips or CTC breakup for more analysis.

As you already exhausted the limit of 1.50 lacs. You can opt for NPS contribution which is 10% of your salary and you can additionally contribute Rs.50,000 in NPS under different clause.

- Health insurance is available for spouse,parents

You can share you salary structure on .com or call me on 7060029944

Vivek Kumar Arora
CA, Delhi
1858 Answers
63 Consultations

5.0 on 5.0

With regards to NPS ,there in additional deduction of Rs 50000 in income tax .

You can keep your question private here at taxfull.

Swati Agrawal
CA, Indore
749 Answers
2 Consultations

5.0 on 5.0

Hello,

The only option left is buying a medical insurance. Section 80D which you can use.

I did not understand as to what are you looking for in NPS. The tax implication or the financial return benefit ?

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, FCA, LLB, CERT. FAFP

Rohit R Sharma
CA, Mumbai
2104 Answers
92 Consultations

5.0 on 5.0

Apart from the one mentioned above, you can save taxes by claiming some of the following deductions:

1. HRA

2. LTA

3. Food coupons

4. Telephone allowance.

Please feel free to call/ revert in case you need more clarity

Thanks and regards

Abhishek Dugar

CA CS B.Com

Abhishek Dugar
CA, Mumbai
3576 Answers
165 Consultations

5.0 on 5.0

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