how can i save tax

This query is : Resolved

akshay (Querist)
Follow

17 January 2011 Sir,

i am an individual

my gross salary structure is as follows
Basic Pay - Rs.177100/-
Pay grade - Rs.51600/-
DA - Rs.83259/-
HRA- Rs.22876/-
arrears for 6th pay-Rs. 33958/-
TA- Rs.1775/-

Gross Salary - Rs.370568/-
Deduction u/s 10
TA-1775
PT-2500
HRA-22876

Net Salry- 343417/-
my chapter VI A deduction u/s 80 C of Rs. 1 lakhs is exhausted completely.

taxable salry is Rs.243417/-
Tax on this is Rs. 8347
is Rs.370000 and my limit of SEc 80C is exhausted....i am a state governtment employee.. how can i save my tax

HOW CAN I SAVE MY TAX....PLEASE HELP ME SIR

sivasankar

sivasankar (Expert)
Follow

18 January 2011 Hi,Invest in Section 80CCF bonds of REC or IDFC for Rs.20000.Take a medical insurance policy for your family and premium upto 20000 is deductable u/s 80D.Pay tax on balance amount.

CA. Abhishek Sinha

CA. Abhishek Sinha (Expert)
Follow

18 January 2011 You can plan for any housing loan, under that you can avail benefit of interest amount on housing loan upto 1,50,000/-.

Upgrade to CAclubindia Pro. Subscribe Now!

VANDANA

VANDANA (Expert)
Follow

19 January 2011 Dear sivasankar,

imit on amount of deduction: Deduction is restricted to investments upto100,000 in savings specified under Section 80C (including life insurance premiums). The limit of deduction under Section 80C will be part of the overall limit prescribed under Section 80CCE 80CCF ETC...

& assesses already exhausted limit of RS. 1 LAC

VANDANA

VANDANA (Expert)
Follow

19 January 2011 Dear akshay,

You can not get full exemption of HRA AS YOU MENTIONED IN YOUR QUERY RS. 22876/- FOLLOWING ARE THE LIMITS FOR THE SAME,

U/S 80GG
Deduction available is the least of

(i) Rent paid less 10% of total income
(ii) Rs. 2,000 per month
(iii) 25% of total income

1) Assessee or his total spouse or minor child should not own residential accommodation at the place of employment.

2) He should not be
in receipt of house
rent allowance.

3) He should not
have a self occupied
residential premises in any other place

VANDANA

VANDANA (Expert)
Follow

19 January 2011 you can do the saving under section 80L, With some restrictions of deductions as given below, it might help you,

80L

Interest/Dividend/Income from :
a) any Govt. Security (Central or
State)

b) NSC, VI, VII & VIII issues

c) Notified debentures of public
sector undertakings, cooperative
societies/Land mortgage bank or
land development bank.

d) Notified National Deposit
Scheme

e) Any other deposit Scheme framed
by Central Govt. and notified.

f) Deposit under Post Office
Monthly Income Account rules,
1987.

g) deposits with banking companies,
banking co-op, societies, land
mortgage or land development
bank.

h) deposits with banks established under any law made by Parliament.

i) Deposits with financial corporations approved by Central Government

j) Deposits with any authority constituted in India under any law for planning,development or improvement of cities, towns and villages etc.

k) Deposits with co-op. Societies.

1) Deposits, with any public companies providing long term finance for construction or purchase of houses.

m) Income from U.T.I.

n) Income from Units of Mutual Fund specified under clause (23D) of Sec. 10.
9000 plus an addition deduction of3000 allowed in respect of interest on any Central/State Govt. Securitie

MAXIMUM LIMITS :
Rs. 9000 plus an addition deduction of Rs. 3000 allowed in respect of interest on any Central/State Govt. Securities

VANDANA

VANDANA (Expert)
Follow

19 January 2011 & I'm also agree with ABHISHEK,

You can also opt the benefit of housing loan........