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How to save my taxes?

Tax planning 911 views 2 replies

idhayakani.g

24 Points Joined April 2012

how to save my taxes?i have applied for medial and HRA in my CTC.how can i reduce my tax further?

Replies (2)

CMA Ramesh Krishnan

Cost & Management Accountant

71609 Points Joined September 2008

As per as Savings scheme concern, you can choose LIC policies, Tax savings FD, PPF,Post office savings scheme,NSC these areas subject to maximum of Rs. lakh

Mediclaim Insurance can be choose for Rs.15000 maximum for the year.

PRAVIN DALAL

GM Corporate - Accounts

37 Points Joined July 2007

Hi Ramesh

Please tell me weather down below salary structure is right as per tax rules

Supportings Required	Classification	Components	Per Month	Per Year
	Taxable	Basic	8500	102000
Non-taxable if living in rented apartment and can produce Rent Receipts, otherwise added to Basic and calcuated for I. Tax	Taxable/Non-Taxable	HRA @ 50% of Basic	4250	51000
	Tax Free	Conveyance Allowance	800	9600
Bill Required	Reimbursement Tax Free	Reimbursement of Medical Treatment	1250	15000
Allowed if children studying currently	Tax Free	Children's Education Allowance @ 100 per month, per child	100	1200
	Tax Free	Uniform Allowance	2000	24000
	Tax Free	Professional Journals	1000	12000
Bill Required	Reimbursement Tax Free	Telephone Allowance	1000	12000
Bill Required	Reimbursement Tax Free	Training Allowance	1167	14000
	Reimbursement Tax Free	LTA	0	0