Is it possible to reduce tax

Hi,

We need to look at your salary structure to suggest you some tax saving options.

However, you can consider following:

1. Medical insurance u/s 80D upto 50k 

2. Leave travel allowance

3. Uniform allowance etc.

Donation u/s 80G.

Hi,

Hope you are doing well !!

Please find below the ways of reduce tax liabilities:

• If you do not have a medical cover for yourself and your family, take one immediately. Cover dependent parents, if applicable.
• Provide the details of the above investments to your employer.
• When you receive Form 16, make sure the deductions are given under Chapter VI.
• 80D Deduction= your medical insurance premium.

• If you have made donations to an approved institution, you can provide the original receipt to your employer.
• When you get Form 16, make sure the amount is shown under Chapter VI Section 80G.

• LTA is another component of your salary which can fetch you tax benefits. LTA concession can be claimed for two journeys in a block of 4 years. Expenses incurred by you & your family on travel for which your employer gives LTA can be claimed as deduction.

Thanks & Regards,

Payal Chhajed

There is not much room for saving tax other than the above two options as only house property loss can be adjusted against salary income.

Other than this you can invest in medical insurance or provide some donation under 80G.

There are no such option which can save tax and also give you benefit other than the things you have already done.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.