How to Save Income tax after 80C over invest ?

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Murtaza I Bhagat (Querist)
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10 August 2009 Dear Sirs
I want to know if 80C over invested so from Which section we can save tax if income come from Salary ?
Pls tell me sir instead of 80D how we can save the tax ?
and also sir can you tell me about Sec. 88 ?
Waiting for reply

Thank you all for your advice

chetan soni

chetan soni (Expert)
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10 August 2009 There is very narrow scope to save tax in salary income. Please note following;

01. Investment in funds mention u/s 80C.
02. Can claim HRA is stay in rented home
03. Claim Hsg Loan interest, if stay in own home & also if there is hsg loan
03. Can claim medical reimbursement benefit. If it is part of salary. Maximum upto 15K
04. Can claim LTA if it is part of salary.
05. Mediclaim premium u/s 80D
06. Donations as per sec 80G.
07. Conveyance allowances u/s 10(14) upto 800 per month.
08. telephone, books, servant, children allowances reimbursement. Exemption can be given on production of actual bills.

ALSO NOTE SEC 88 ABOLISH AFTER INTRODUCTION OF SEC 80c.

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CA.Nikhil Gupta

CA.Nikhil Gupta (Expert)
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10 August 2009 agree

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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10 August 2009 agreed with the expert

Murtaza I Bhagat

Murtaza I Bhagat (Querist)
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11 August 2009 Thanks for your Advice sir
Pls tell me more about Conveyance Allowances

Murtaza I Bhagat

Murtaza I Bhagat (Querist)
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11 August 2009 Thanks for your Advice sir
Pls tell me more about Conveyance Allowances

chetan soni

chetan soni (Expert)
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12 August 2009 conveyance allowances is already exempt from income tax u/s 10 (14). It is exempt @ 800 per month. Iy you give/recive conveyance in excess of 800 per month then the balance amount is taxable.

Murtaza I Bhagat

Murtaza I Bhagat (Querist)
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13 August 2009 Thanks sirs,
If a Person getting salary from BSNL company and in their Form 16 in bracket of Sec 10 their in only Rs.2400/- written. SO, while filling IT return will they can claim refund of 7200/- (9600-2400)tax

Thanks for reply

Murtaza I Bhagat

Murtaza I Bhagat (Querist)
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14 September 2009 Thanks sirs,
If a Person getting salary from BSNL company and in their Form 16 in bracket of Sec 10 their in only Rs.2400/- written. SO, while filling IT return will they can claim refund of 7200/- (9600-2400)tax

Thanks for reply

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