About tax saving benefits

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2012 Hello Dears,
I am an Government employee and I have annual income is Rs.480000/- so my taxable income is Rs.280000/-. I want to now how I save mor & more tax and which which section.

Plz suggested me.

Regards
Avinash Singh

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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23 November 2012 You can claim deduction u/s 80C for investment in PF, PPF, LIC, NSC, 5 year fixed deposit, ELSS mutual fund. Total deduction is restricted to Rs. 1,00,000

You can also avail deduction u/s 80D for payment towards medical premium upto Rs. 15,000

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2012
Thank you Sir,

But I want more saving tax any other suggestion.

Regards
Avinash Singh

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CA. Sunil Kumar

CA. Sunil Kumar (Expert)
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23 November 2012 Tax Planning for you start from Salary Struture

HRA – Any House Rent Allowance given to an employee is tax free upto the minimum value of the following conditions (subject to – when an employee can produce rent paid receipts from landlord for the period and if the employee has not availed of tax exemptions for home loan interest / principal repayment):
a) 50% of Annual Basic (40% of Annual Basic in case of non-metros)
b) Actual HRA received
c) Rent Paid – (10% of Annual Basic)

Medical Allowance – Any Medical Allowance given to an employee is tax free upto Rs. 15,000 /- (Supporting Bills required).

Conveyance/Transport Allowance – Any Conveyance / Transport Allowance given to an employee is tax free upto Rs. 9,600 /- (No Supporting Bills required).

80C- Upto Rs. 100,000/-

80D -Medical Insurance upto Rs. 15000/- (Rs. 20000/- for Senior Citizen)
Addition Rs. 15000/- for Parent Medical Insurance.

Read More from following Link

http://howtobuybest.in/tax-planning-how-to-save-tax-in-fy-2012-13-ay-2013-14/#data

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