• Salaried

Salaried - how much saving should i make to reduce my tax
Asked 10 days ago in Income Tax from Chennai, Tamil Nadu

Dear Sir,

 

Hope you are doing well !!

 

Broadly/Practically, there are following Income tax sections under which we can claim the tax exemptions - 

 

80C-Section 80C comprises of various investments and expenses that are eligible for tax deductions. A taxpayer can claim maximum tax deductions of Rs 1.5 lakh for a particular financial year (FY) from his/her taxable income through investments made by him/her under section 80C of the Income Tax Act, 1961.

 

 1. NPS

2. PPF

3. LIC

4. ELSS

5. Term deposits

etc.

 

It is advisable to claim maximum tax deductions of Rs 1.5 lakh by investment specified u/s 80C. 

 

80CCD-To encourage the investors to invest for retirement in Nation Pension Scheme, the government allowed addition tax deduction of Rs 50,000 under section 80CCDD.

 

It is over and above Rs. 1.5 lakh limit.

 

80D-Deduction for the premium paid for Medical Insurance up to Rs. 50000 subject to conditions.

 

80G-The various donations specified in u/s 80G are eligible for deduction up to either 100% or 50% with or without restriction as provided in section 80G.

 

 

 

Thanks & Regards,

Payal Chhajed

 

Payal Chhajed
CA, Mumbai
2991 Answers
40 Consultations

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We may assist you in tax planning.

 

It is advisable to take a phone consultation for detail discussion. 

Payal Chhajed
CA, Mumbai
2991 Answers
40 Consultations

5.0 on 5.0

Hi

 

Please share your salary details so that we may advise you on tax planning.

 

You may also contact us personally.

Lakshita Bhandari
CA, Mumbai
3651 Answers
178 Consultations

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Yes... That would be good..

Also share your existing investment details.

Lakshita Bhandari
CA, Mumbai
3651 Answers
178 Consultations

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Please share the salary slip on below mail id:

 

jpayal.51089@gmail

 

Yes, you can share the same. 

Payal Chhajed
CA, Mumbai
2991 Answers
40 Consultations

5.0 on 5.0

If you want to have a tax planning its better to hire a CA and have a telephone consultation so that you can get personalised response.

 

If you need any assistance I can help you.

 

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

Thank you.

Naman Maloo
CA, Jaipur
2084 Answers
18 Consultations

5.0 on 5.0

Hello,

 

You can share your salary details according to which we can provide you tax savings options.

I hope that this answer satisfies your requirements.

 

Regards,

CA Hunny Badlani

Badlani & Associates

Hunny Badlani
CA, Madhya Pradesh
921 Answers
1 Consultation

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You can contact us directly or take a phone consultation for a better resolution.

 

Hunny Badlani
CA, Madhya Pradesh
921 Answers
1 Consultation

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Please take phone consultation as it is a personal matter. Don't share salary slips on public platform. 

Vivek Kumar Arora
CA, Delhi
3025 Answers
155 Consultations

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The amount of tax saving and structuring depends on the type of income you are earning. 

 

The structuring and deduction  for business income is different than salary income. 

 

In in case of salary, there are limited options which also depends on the deduction permissible in your company. Also, salary income is subject tax deduction so you should submit your structure and deductions details to your employer to minimise tax deduction. 

Jasmina Jain Shah
CA, Greater Mumbai
369 Answers
4 Consultations

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