how to save my taxes?i have applied for medial and HRA in my CTC.how can i reduce my tax further?
how to save my taxes?i have applied for medial and HRA in my CTC.how can i reduce my tax further?
As per as Savings scheme concern, you can choose LIC policies, Tax savings FD, PPF,Post office savings scheme,NSC these areas subject to maximum of Rs. lakh
Mediclaim Insurance can be choose for Rs.15000 maximum for the year.
Hi Ramesh
Please tell me weather down below salary structure is right as per tax rules
| Supportings Required | Classification | Components | Per Month | Per Year |
| Taxable | Basic | 8500 | 102000 | |
| Non-taxable if living in rented apartment and can produce Rent Receipts, otherwise added to Basic and calcuated for I. Tax | Taxable/Non-Taxable | HRA @ 50% of Basic | 4250 | 51000 |
| Tax Free | Conveyance Allowance | 800 | 9600 | |
| Bill Required | Reimbursement Tax Free | Reimbursement of Medical Treatment | 1250 | 15000 |
| Allowed if children studying currently | Tax Free | Children's Education Allowance @ 100 per month, per child | 100 | 1200 |
| Tax Free | Uniform Allowance | 2000 | 24000 | |
| Tax Free | Professional Journals | 1000 | 12000 | |
| Bill Required | Reimbursement Tax Free | Telephone Allowance | 1000 | 12000 |
| Bill Required | Reimbursement Tax Free | Training Allowance | 1167 | 14000 |
| Reimbursement Tax Free | LTA | 0 | 0 |
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