How to save maximum tax on income earned upto 5 lakhs by an
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 November 2013
An individual earns annual salary of Rs. 108000/- and interest income about Rs.140000/-. Suggest the best way to save tax , if this year he earns Rs. 5 lakhs, as his salary would go double and interest income would also go double.
Nikhil Kaushik
(Expert)
10 November 2013
see, assuming 5 lakh income your maximum tax liability is Rs 30,0000. You get 2000 rebate under 87A. You can save 10000 by investing under 80C. It is advisable to start investing in PPF.
You can further reduce the taxability by asking your employee to include HRA and other non-taxable allowances in your salary. This would help.
You can further reduce the taxability by asking your employee to include HRA and other non-taxable allowances in your salary. This would help.
CMA Ramesh Krishnan
(Expert)
10 November 2013
you can opt for the savings schemes eligible under 80C for the maximum of Rs. 1 lakh & Sec.80D is mediclaim insurance can be up to Rs.15000 for self,Spouse & children
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