To save tax under tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2012 Hello All
Plz guide me about how can I save tax. I earn around 3 lacs per year as salary. I have not invested anywhere yet. Plz give the best ways to save tax. I m individual below 60 age.

CA Kishore Tallam

CA Kishore Tallam (Expert)
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12 April 2012 Please provide following details:
For which Financial year?
Whether u r a male person or female person?
Breakup of salary into basic, HRA, etc.,
Rent paid by you.
PF deducted from ur salary
Prof Tax paid by u.
City where ur living.
Whether u have any house property income? If yes, how much?

Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2012 I am asking the details for current financial year.. 12-13
I am female. no HRA and PF. Prof tax paid is 200 per month. I am living at Pune. I dont have any other income.
I pay 3000 per month as rent but no agreement has been made for this.

Awaiting your reply
Thank you.

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 April 2012 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.

As per as Rent concern, since you are not received any HRA from employer, you are eligible to claim 80GG

CA Kishore Tallam

CA Kishore Tallam (Expert)
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17 April 2012 Since ur salary is Rs. 3 lacs per annum, slabs for CY is upto Rs. 200,000 - Nil tax.
Hence, u need to plan for balance Rs. 100,000 only.
Professional Tax Deduction - Rs. 2,400 (Rs. 200 *12)
U can claim HRA Deduction also. Assuming 50% of total salary is basic, HRA Deduction = Rent Paid - 10% of Salary = Rs. 36,000 - Rs. 15,000 = Rs. 21,000.
U need to invest in savings of Rs. 76,600. U may consider investment in LIC Policies, if u r married and have children, u can submit ur children tution fee (upto 2 children), Tax savings FDs, NSCs, PPFs etc.,