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Tax planning from salary - help

Krishna (Senior Engineer (QA)) (85 Points)

04 October 2016

My friend is getting a salary of 10 Lakhs Per Annum. He is already saving tax under 80c of (Rupees 1,50,000), is there any other option available for him to invest and save tax.

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5 Replies

Rahul Shah (Assistant Chartered Accountant) (196 Points)
Replied 04 October 2016

You Can get Exemption U/s 80 (D) for Medical Premium if you are paying any Medical Premium

You can avail benefit of HRA if you are staying at Rented Premises u/s 10(13)A

or you can avail exemptiion by making investment into Pension Plan.

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archana pitti (accountant and auditor) (111 Points)
Replied 04 October 2016

additional deduction of 50000 can be claimed u/s 80ccd for contribution towards nps

Krishna (Senior Engineer (QA)) (85 Points)
Replied 04 October 2016

He is already paying for Medical Premium 80 (D) and i hope HRA has been already deducted.

Regarding - investment into Pension plan you mean to say NPS??

Sunil Sharma (Finance Manager) (39 Points)
Replied 04 October 2016

Hello Krisha,

From the above it is not clear how much is being deducted and others expenses which are claimed,

Get me his form 16 or form 12 ba , in addition to all also his investments(that is bank account,lic,mediclaim ,shares and any other source) + 26 AS then only can give an idea on how much is left after the exemption limits .

Mailm