My annual salary is 5 lakh rupees, I would like to know the ways in which I can avoid paying any income tax (INDIA)
2007-09-16 22:18:48 · 5 answers · asked by Raj S 1 in Business & Finance ➔ Taxes ➔ India
Invest Rs.1,00,000/- u/s 80C
Pay housing loan interest of Rs.1,50,000/- annually.
Pay mediclaim insurance premium of Rs.15,000/- annually.
Ask your employer to pay you indirectly, whereby the employer pays fringe benifit tax. He can collect the tax amount from you, but it will be considerably less.
Get exemptions on Medical allowance, Education allowance, Vehicle allowance, LTA & HRA.
2007-09-19 21:12:35 · answer #1 · answered by HMT 7 · 0⤊ 1⤋
The easiest way to avoid paying income tax is to stop working.
2007-09-16 22:26:47 · answer #2 · answered by kendavi 5 · 0⤊ 0⤋
Do not avoid paying tax Country grows by collecting tax countries grwoth needs fund from where to get the fund only by collecting the tax Pl do not avoid tax You can Save some Amount from your earnings for your well being and future. There are many ways for saving opt for recurring. good luck
2007-09-16 22:32:17 · answer #3 · answered by skrn_d 2 · 1⤊ 1⤋
Your employer must be already deducting TDS on your salary. As such you can not avoide paying Tax as for salaried employees it is responsiblity of employer to deduct tax on behalf on employees.
thus being emplyed , you can not opt for non-deduction (non-payment) of tax.
you can minimize your tax liablities by means of investments etc. (say ppf, insurance etc ) better consult any local tax consultant who can suggest ways to minimise tax deduction.
2007-09-18 03:20:13 · answer #4 · answered by p.amol 2 · 0⤊ 1⤋
There is no way you can avoid paying any tax, however you can plan and minimise your tax
vk
2007-09-17 21:13:21 · answer #5 · answered by Veekay 4 · 1⤊ 1⤋