Saving in income tax
This query is : Resolved
vishal sharma
(Querist)
11 February 2016
Sir
My salary is 8.20 lacs and I want to save my income tax for that how much I can invest to reduce my tax liability to zero?
My salary is 8.20 lacs and I want to save my income tax for that how much I can invest to reduce my tax liability to zero?
Ganeshbabu K
(Expert)
11 February 2016
Basic exemption limit is 2,50,000
Investments specified under 80C eligible for 1,50,000
Deduction under section 80D eligible for 25,000
Deduction under section 80CCG Maximum 25000
Investors whose gross total income is less than Rs. 12 lakhs can invest in this scheme. Upon fulfillment of conditions laid down in the section, the deduction is lower of - 50% of amount invested in equity shares or Rs 25,000.
Rebate under section 87A Rs.2000 rebate on total tax payable (if your total taxable income is below 5 lakhs only)
Exemption for HRA( if you are eligible)
Investments specified under 80C eligible for 1,50,000
Deduction under section 80D eligible for 25,000
Deduction under section 80CCG Maximum 25000
Investors whose gross total income is less than Rs. 12 lakhs can invest in this scheme. Upon fulfillment of conditions laid down in the section, the deduction is lower of - 50% of amount invested in equity shares or Rs 25,000.
Rebate under section 87A Rs.2000 rebate on total tax payable (if your total taxable income is below 5 lakhs only)
Exemption for HRA( if you are eligible)
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