Income tax calculation-salary
This query is : Resolved
Quick Summary
31 August 2025
Hi,
below is the salary of somebody...is there anyway we can save the tax and get the refund of wht company has deducted?
Salary Income
Basic Pay: ₹ 2,42,481
House Rent Allowance:₹ 1,21,242
LTA Allowance:₹ 30,000
Other Allowance:₹ 3,92,931
Total Salary: 7,86,654
Interest Income: 13092
80c: 150000
80TTA: 10000
TDS: 15,350/-
below is the salary of somebody...is there anyway we can save the tax and get the refund of wht company has deducted?
Salary Income
Basic Pay: ₹ 2,42,481
House Rent Allowance:₹ 1,21,242
LTA Allowance:₹ 30,000
Other Allowance:₹ 3,92,931
Total Salary: 7,86,654
Interest Income: 13092
80c: 150000
80TTA: 10000
TDS: 15,350/-
04 September 2025
1. Standard Deduction (Section 16(ia)) Flat ₹75,000 is allowed to all salaried individuals.
2.Leave Travel Allowance (LTA) Exemption (Section 10(5)) If you’ve travelled within India and have proof of travel (tickets, bills, etc.), LTA can be exempt every 2 years.
3. Claim HRA Exemption (Section 10(13A)) If you're paying rent and living in a rented house, you can claim HRA exemption.
4. Interest on Savings (Section 80TTA) You can claim deduction up to ₹10,000 on interest from savings account (not FD) under Section 80TTA.
5. You can claim up to ₹1,50,000 under Section 80C,
6. Health Insurance (Section 80D) If you paid health insurance premium for yourself or family, you can claim.
7. Other Deductions
80G – Donations to charities
80E – Education loan interest
Home loan interest (Section 24) – Up to ₹2L
2.Leave Travel Allowance (LTA) Exemption (Section 10(5)) If you’ve travelled within India and have proof of travel (tickets, bills, etc.), LTA can be exempt every 2 years.
3. Claim HRA Exemption (Section 10(13A)) If you're paying rent and living in a rented house, you can claim HRA exemption.
4. Interest on Savings (Section 80TTA) You can claim deduction up to ₹10,000 on interest from savings account (not FD) under Section 80TTA.
5. You can claim up to ₹1,50,000 under Section 80C,
6. Health Insurance (Section 80D) If you paid health insurance premium for yourself or family, you can claim.
7. Other Deductions
80G – Donations to charities
80E – Education loan interest
Home loan interest (Section 24) – Up to ₹2L
21 September 2025
Good luck....
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