Saving of income tax

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This discussion explores options for reducing income tax liability on a net taxable income of £595,066. While standard deductions and Section 80C/80D investments have been applied, further savings might be possible. The expert suggests considering an additional £50,000 investment in the National Pension System (NPS) as a potential tax-saving measure.

Prajakta Potdar

Prajakta Potdar (Querist)
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30 January 2021 Respected Sir

My Net Taxable income is 595066 after all deduction of 80C (150000), 80D(25000), Standard Deduction of Rs.(50000), Home Loan interest u/s 24B (200000). Is their any possibility of saving tax?. Please guide

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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31 January 2021 Following details required : 1. When you have taken loan. 2. Interest on house loan paid during the year 3. details of 80C deductions

CA.Pujah

CA.Pujah (Expert)
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08 February 2021 Need to look in details of the total income you are saying .
Presuming, you have considered all possibilities of savings in the income, you can further avail 50000/- through investment in NPS.

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