How can save tax?

Answer 1

First decide how much tax u want to save. U didn't mention your annual income so it is difficult to give you a good solution. However, if u can save upto 100,000 u can gat rebate under section 80 (c) as the whole amount is deducted from your gross annual salary reducing your tax burden. Apart from your company PF deduction, you can invest in PPF(public Provident Fund) whose 8% interest is tax free. If u can take a little risk u can go for ELSS i.e. invest in mutual funds locking your money for 3 years. U can also buy a term life insurance or a health insurance if your organisation doesn't provide any which would also save tax under 80 (C) and 80(D) respectively.

Answer 2

Hi Friend

Firstly, tax saving is depends on the type of the income you have?

Common deductions available for Individual
1) u can invest in the various ways to get the maximum deduction of Rs.1 Lakh under Sec 80(c)
- u can invest in Lic
- u can invest in ulip policies of the mutual fund
- u can make a fixed deposit in bank for minimum period of 3 years
- u can invest in PPF
- Tution fees for your child upto max of 2 child
- Home loan repayment

If u are leaving at rental house u can take a benefit of HRA.

Answer 3

Hi, Dev.

If you are a working professional then you can save to a maximum of 83000 rupees (approx), out of which

a. 33000 rupees (approx) can be saved through investments like LIC or any other private players. But, remember tax savings are also taxable. 100% tax saving schemes are available like Reliance ELSS fund, Standard Chartered ELSS fund etc;

b. the rest of the amount can be saved through HRA (House Rent Allowance), you can ask your Hr professional or accounts people in your office to help you in this form of saving.

If you are a businessman or self employed then savings can be purely in form of investments only.

Answer 4

You can invest in various tax saving schems like Insurance, ULIP, MEDI claim, Donations, Tution fee, House rent etc.

Answer 5

Make some investments. Easy and safe thing is to invest in LIC. Or submit your rental agreement to the company you are working for Tax reduction.

Answer 6

i think you are referring to income tax . in that case it is better to refer to income tax web site or income tax act .most of the sections of it act are about saving tax

Answer 7

First you declare your income then only then only advice for tax saving can be given.

Answer 8

buy thing from loans thise is a way how u save tax
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