2006-08-23 02:58:06 · 12 answers · asked by S 1 in Business & Finance ➔ Taxes ➔ India
Tax savings plans. (Sec.80C). Like LIC premiums, Postal NSC, Bank deposits for more than 5 years & PPF ect., 80C max. limit Rs.1 lakh. Interest paid on housing loans up to 1.5 lakhs are exempt from tax.
Please visit income tax web site for some more help and details.
http://www.bajajcapital.com/taxplanning/taxsavingschemes.html
2006-08-23 03:21:26 · answer #1 · answered by Anonymous · 5⤊ 0⤋
Which tax you wanna reduce as governments all over the world charge tax in different ways. Income Tax, Value Added Tax, Customs Duty, Excise, Service ...... in so many other ways.
2006-08-24 00:41:19 · answer #2 · answered by Bharadwaj 2 · 0⤊ 0⤋
reducing tax ? which tax ?? be clear of which tax u r speaking, if its income tax then u need to invest Ur money in all tax saving schemes , NSC , Life Insurance and mention all Ur expenses so that ur income comes down, like EMI of HOUSE car, etc, and income tax again depends on of which income ur speaking of ? is it income from business & profession , or property, or salary , which all need to be dealt differently in order to calculate the tax liability.
2006-08-23 10:18:18 · answer #3 · answered by coolguy2695 2 · 0⤊ 0⤋
Generally, anywhere find out whether your country has any tax deductible schemes and invest in those ..
In US, for example, investing in a regular IRA will reduce your gross income and thereby reduce your taxes ..
In India, you could get a life insurance policy to reduce your taxes ..
HTH
2006-08-23 10:05:44 · answer #4 · answered by jabropunter 2 · 0⤊ 1⤋
Congratulations on opening of account in yahoo!answer by this maiden question.
You can reduce income tax on your income by TAX PLANNING. Interalia you can take benefit of investments under section 80C to the extent of Rs.100,000/-.
Please inform me by email what is your email address. I will send you e-booklet of about 22 pages. The same is quite purposeful and will be helpful to you.
BEST OF LUCK
2006-08-27 02:49:48 · answer #5 · answered by PK LAMBA 6 · 0⤊ 0⤋
One should pay, what is legally due to Government. You can reduce taxes by investing, judiciously. But, you should not evade tax.
2006-08-23 12:23:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
spend as much money as possible and reduce u r tax payments
2006-08-23 10:35:24 · answer #7 · answered by YAHYA 1 · 0⤊ 0⤋
Talk to a tax accountant.
2006-08-23 10:00:25 · answer #8 · answered by Anonymous · 0⤊ 0⤋
there are many ways to reduce your tax this can be explained only upn examinig your sources of income......however there is only one way to evade tax (fruad).......... so plan your future and plan your taxes to minimum.... dont waste......... its our right to plan and reduce tax!!! do it without delay......well you can contact me with the details i can sugest you with some possibilities....
2006-08-23 12:43:51 · answer #9 · answered by dinesh k 2 · 0⤊ 0⤋
pl. invest in LIC, Mutual Fund, NSC, PPF, Mediclaim
2006-08-24 02:34:40 · answer #10 · answered by nirmalkumarlenin 2 · 0⤊ 0⤋