am salaried person earning Rs. 850000/- Pa.as an software engg. I have invest upto 120000/- Under Ch.VIA & I have home loan. Medical etc.......... still my TDS deducted Rs 25000/- i want to save my Tax is there any other way to save Tax. please suggest. what type of benefit i get under HUF. I want to save tax on my salary.
12 June 2013
To add to the above reply. Principal amount paid towards repayment of loan to a financial institution qualifies for deduction u/s 80c. Interest towards repayment of housing loan qualifies for deductionu/s 24. Transport allowance 800 pm can be claimed. If you have children children education allowance 100 pm can be claimed and tuition fees paid to school qualifies for deduction u/s 80c. Hra can be claimed. Medical reimbursement/mediclaim u/s 80d can be claimed. Reimbursement of conveyance allowance nd lta are good options too