What are some ways to save Income tax in India?
You can claim following components to benefit from TAX in India
- Understanding House Rent Allowance (HRA) ( Min of following )
- The actual HRA given by the employer
- 50% of the basic salary plus DA if you are staying in Delhi, Mumbai, Kolkata and Chennai.
- 40% of the basic salary plus DA if you are staying anywhere else.
- Actual house rent paid by you, minus 10% of basic salary plus DA
- Medical Allowance
- INR 15,000 per year.
- Leave Travel Allowances
- Two times in a block of 4 years within India upto INR 50,000
- Children’s Education Allowance
- Tuition Allowance : INR 100 per month
- Hostel Allowance : INR 300 per month
- Housing Loan Interest Exemption
- INR 2,50,000 on interest.
- Tax – Saving Expenses other than Section 80C ( INR 150,000 )
- Medical Insurance
- Home Loan Interest
- Loan for Higher Education
- Saving Account Interest
- Serious Ailment Treatment Expenses
- Expenses for Maintenance of Differently Abled Dependent
- Deductions for Specially Abled
- House Rent
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