31 October 2011
As my aunt is working in Railway and near to retire.But her tax liability is upto 13,000/- per month. So what may be the deductions available to her to save from this taxable amount.
31 October 2011
Generally. salaried employees avail deduction u/s 80C which includes, lic premium, pf contribution. investment in NSC, housing loan principal repayment, tuition fee of children etc aggregating to Rs. 1,00,000/-, Medi calim u/s 80D,eligible amount is actual premium paid or Rs.15,000/- which ever is the least and deduction u/s 80CCF for subscription to long term infra structure bonds up to Rs.20,000/- per annum.
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