1. #1
    Unregistered

    How can I save tax from my salary? What all savings are available which has tax exemption?

    I am software engineer and 7lac per annum. 30% of my salary goes as tax deduction. I want to reduce my tax deduction. How can I save tax from my salary? What all savings are available which has tax exemption? Can anybody help me in this?

  2. #2
    Chittaranjan Array
    Join Date
    Jul 2012
    Posts
    658

    Re: How can I save tax from my salary? What all savings are available which has tax exemption?

    Dear friend-according to your question and statement it transpires presently you need not to pay @30% tax on your income.you earn 7 lkkhspa. Your tax calculation is as under:-

    1.200001 to 500000 @ 10%

    2.500001 to 1oooooo @ 20%

    3.1000001 to above @ 30%

    so now you belong to 20% slab.

    Now according to your question all form of savings can not save tax,you can save rs.1000000/-under the investment of hbl/tution fees/ppf/nscs/tax saving tdr/stdr insurance premiun these are the options to save tax mainly.but limitations is 100000/- and in ppf a/c you can invest max.rs.70000/-yearly.ok

    thank you,

  3. #3
    CRANK Array
    Join Date
    Jul 2012
    Posts
    26

    Re: How can I save tax from my salary? What all savings are available which has tax exemption?

    Hello,

    There are many ways through which you can save rather deduce your tax amount.

    One of them is to have an EMI.
    If you have a loan on your name for a flat , or care or something , than you get tax deduction in your payment.

    Also if you are part of an NGO and are donating something(Money) than by giving that donation slip will also get your tax reduce.

    There are many other ways to get tax deduced , I am pretty sure that the Finance department of your company will know more about it .
    So you can go and ask them.

    -Regards

  4. #4
    RainMan Array
    Join Date
    Jul 2012
    Posts
    32

    Re: How can I save tax from my salary? What all savings are available which has tax exemption?

    You are now paying 20% tax to the government.
    You can reduce the tax in following ways.
    you can go for Voluntary provident fund by which you can save 1lakh under 80C.
    You can get a loan like housing, vehicle and pay back the interest which is free from tax.
    You can get food coupons given by your company.

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