Salary income of Rs1000000/ per year

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If you earn a salary of Rs 10 lakhs per year and have TDS deducted, you can save tax by investing. The primary avenue for deductions is Section 80C, which allows for investments up to Rs 1.5 lakhs in schemes like Public Provident Fund (PPF) and tax-saving Fixed Deposits (FDs). Additionally, you can claim an extra Rs 50,000 deduction by investing in the National Pension System (NPS), and medical insurance premiums may also be eligible for deductions within prescribed limits.

ARUN GUPTA

ARUN GUPTA (Querist)

11 January 2022 I have salary income of Rs1000000/ ten lakhs per year. The co is deducting tds on my salary. How can i save tax by investing. Please advise the government schemes available?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

12 January 2022 As such no specific deduction allowed by investment in any other schemes, except those linked to sec. 80C deduction. Wait for further announcement in next budget.

ARUN GUPTA

ARUN GUPTA (Querist)

12 January 2022 For fy 2021-22 what schemes are available for deduction?

ARUN GUPTA

ARUN GUPTA (Querist)

12 January 2022 For fy 2021-22 what schemes are available for deduction?

ARUN GUPTA

ARUN GUPTA (Querist)

13 January 2022 Pl give details of scheme available for fy 2021-2022.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

13 January 2022 https://tax2win.in/guide/deductions

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

13 January 2022 https://incometaxmanagement.com/Pages/Gross-Total-Income/Salaries/Deduction-under-Chapter-VI-A.html

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

13 January 2022 https://www.iciciprulife.com/insurance-library/income-tax/what-is-section-80c-of-income-tax-act.html

CA Puja Sharma

CA Puja Sharma (Expert)

13 January 2022 You can refer to these 2 links:
https://www.incometaxindia.gov.in/Pages/charts-and-tables.aspx
https://www.incometaxindia.gov.in/Pages/charts-and-tables.aspx

ARUN GUPTA

ARUN GUPTA (Querist)

13 January 2022 If income is 10 lakhs per year in fy 2021-22 and we invest 1.5 lakhs in fd for 5 years then taxable income will be Rs10 lakhs- 1.5 lakhs ie 8.5 lakhs. Please clarify?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

13 January 2022 Yes, if the FD is under 'Tax Saver' Category.

CA.Pujah

CA.Pujah (Expert)

14 January 2022 In addition to 1.5 Lakh under section 80C, you can save additional 50000/- by investing in NPS. Also medical insurance premium can also be claimed as per prescribed limits

ARUN GUPTA

ARUN GUPTA (Querist)

14 January 2022 Can we invest in ppf also for deductions?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

14 January 2022 Yes, PPF is also eligible for sec. 80C deduction.

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