13 October 2011
Plz tell me the manner in which a salaried employee can save tax.. whether there is major impact if we show basic salary & different exempt allowances separately?
13 October 2011
Ask your employer to bifurcate your salary.
Ask your employer to show HRA and if you stay in a rented flat then you can get deduction for the same based on tax provisions from HRA resulting in tax benefits. Ask your employer to show transport allowance @800pm (exempt), etc Also you can ask for food coupons ( Rs3500 pm is exempt).
Other ways of tax savings :- Home loan Investments resulting to a deduction under chapter VIA.
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