Tax saving for salaried people - not the regular sections

I am posting an open topic, I understand that this is broad area and also subjective but nevertheless can be useful for many people. And this is the best forum to get expert answers.

For a salaried employee with no other income. What are the tax saving options available?

The usual list that we see on the internet are

  • 80C - Insurance, EPF, PPF, ELSS etc...
  • 80D, 80DDB  - medical insurance and meds
  • 80CCD (1) (1B) - NPS
  • Section 10 HRA
  • Housing loan, loss on property or related
  • LTA.

The above are usual advice we get from other usual forums. Apart from the above list are there any other sections or approaches that could be of help for individual salaried employee to save on tax ?

CA Club Experts - Charge in with your thoughts !

Replies (3)
Quick Summary
This discussion explores tax-saving opportunities for salaried employees that go beyond the standard deductions such as 80C, 80D, and NPS. While common sections are well-known, the original poster sought to uncover less conventional or overlooked tax-saving avenues. Experts suggest that while general advice is available, personalised tax planning with a professional is crucial due to individual circumstances.

Hello Ars,

This is specialised area having expertise with Tax consultants and its always better you to approach a tax consultant and get your tax planning done by paying appropriate professional fees. Whatever mentioned by you is very much general sections under chapter VI-A of the income tax act, however further deduction shall be based on each of person specific data.

Regards,

Manoj

Thanks @ Manoj for your thoughts.

Yes, I understand this is person specific and subjective. I did a professional consultation with ClearTax, this list (in my post) is all I got from there too. So was curious of other aspects or thoughts, if any from CA professionals.

 

Dear Manoj Ji

Is it possible to advise me the Tax Savings Plan for the FY 24-25?

 

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