06 January 2015
For saving of taxes there are several tax planning techniques. 1. Revised your salary structure, if possible take 20% of your salary as reimbursement of expenses. 2. if you don't have any house property in your name give the rent to parents and claim higher benefit of HRA (if your parents doesn't have any other income or below the minimum slab) 3. Ensure that you investing in funds which are eligible for 80C deduction or 80D in case of mediclaim and take maximum benefit threshold limit under these sections.
You have several ways to save your income tax. If you plan your investments appropriately.
U/s 10 Exemptions: 1. Medical Bills exemption 15000/- 2. Conveyance allowance exemption 9600/- 3. If incase you are in rented house you can submit your rent receipts 4. LTA
80C (Max 1.5 Lac) By investing in LIC, MF, FD,PPF and etc., you can save tax more.
Under Section 24: If you have taken any housing loan you can avail tax exemption on your Principal repayment & Interest position up to 200,000/-
Under Section 80D (Mediclaim) You can also avail tax exemption on your tax income Limit - 15000/- for Self Limit - 25000/- incase of your parents are sr. citizen, else 15000only. Over all you can avail tax exemption on 35000/-
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