About tax saving benefits
Querist : Anonymous
I am an Government employee and I have annual income is Rs.480000/- so my taxable income is Rs.280000/-. I want to now how I save mor & more tax and which which section.
Plz suggested me.
Regards
Avinash Singh
You can also avail deduction u/s 80D for payment towards medical premium upto Rs. 15,000
Querist : Anonymous
Thank you Sir,
But I want more saving tax any other suggestion.
Regards
Avinash Singh
HRA – Any House Rent Allowance given to an employee is tax free upto the minimum value of the following conditions (subject to – when an employee can produce rent paid receipts from landlord for the period and if the employee has not availed of tax exemptions for home loan interest / principal repayment):
a) 50% of Annual Basic (40% of Annual Basic in case of non-metros)
b) Actual HRA received
c) Rent Paid – (10% of Annual Basic)
Medical Allowance – Any Medical Allowance given to an employee is tax free upto Rs. 15,000 /- (Supporting Bills required).
Conveyance/Transport Allowance – Any Conveyance / Transport Allowance given to an employee is tax free upto Rs. 9,600 /- (No Supporting Bills required).
80C- Upto Rs. 100,000/-
80D -Medical Insurance upto Rs. 15000/- (Rs. 20000/- for Senior Citizen)
Addition Rs. 15000/- for Parent Medical Insurance.
Read More from following Link
https://howtobuybest.in/tax-planning-how-to-save-tax-in-fy-2012-13-ay-2013-14/#data
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