How to save tax on salary income
yogendra (student) (66 Points)
13 March 2016yogendra (student) (66 Points)
13 March 2016
CA Raj Doshi
(Practising CA)
(8795 Points)
Replied 13 March 2016
Mihir
(Wealth Manager)
(5293 Points)
Replied 14 March 2016
What about TDS deducted by the employer? If TDS credit is available, tax will reduce further.
Minimum five year is the lock-in period in investments that are eligible for deduction u/s 80C etc.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 14 March 2016
Open a PPF account, initially for five years you can not withdraw, but after five years you will get tax benefit by withdrawing and depositing , as withdrawals are tax free, there would be no tax, and deposits would fetch 80C benefit
anil
(CA Job)
(98 Points)
Replied 14 March 2016
Punith
(Article assistant)
(107 Points)
Replied 14 March 2016
Hi,
There are no investment which has lockin period than a year and u can availe deduction on it. You Can invest in Mutual funds which is good option for you or equity linked investment woulde more fruitful and TAX exempted after lock in period.
Or you can go through the link and find a suitable way for reducing tax for yourself-https://www.charteredclub.com/income-tax-deductions/.
Tony John
(Chartered Accountant)
(6085 Points)
Replied 14 March 2016
Medical insurance premium upto 25,000 is allowerd u/s 80D.
Abhishek
(Student CA Final )
(34 Points)
Replied 15 March 2016