What are some ways to save Income tax in India?

What are some ways to save Income tax in India?

Information 01.09.2017   0 Comments   653  Add to Reading List

You can claim following components to benefit from TAX in India

  1. Understanding House Rent Allowance (HRA) ( Min of following )
    1. The actual HRA given by the employer
    2. 50% of the basic salary plus DA if you are staying in Delhi, Mumbai, Kolkata and Chennai.
    3. 40% of the basic salary plus DA if you are staying anywhere else.
    4. Actual house rent paid by you, minus 10% of basic salary plus DA
  2. Medical Allowance
    1. INR 15,000 per year.
  3. Leave Travel Allowances
    1. Two times in a block of 4 years within India upto INR 50,000
  4. Children’s Education Allowance
    1. Tuition Allowance : INR 100 per month
    2. Hostel Allowance : INR 300 per month
  5. Housing Loan Interest Exemption
    1. INR 2,50,000 on interest.
  6. Tax – Saving Expenses other than Section 80C ( INR 150,000 )
    1. Medical Insurance
    2. Home Loan Interest
    3. Loan for Higher Education
    4. Saving Account Interest
    5. Serious Ailment Treatment Expenses
    6. Expenses for Maintenance of Differently Abled Dependent
    7. Deductions for Specially Abled
    8. House Rent
    9. Donations

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