How to save income tax

Querist : Anonymous (Querist) 14 December 2011 This query is : Resolved
Dear All,

If the total taxable salary for the year is 5 lakh 25 thousand, how much income tax to be paid for 2012-2013.

How can the income tax payable is reduced and saved.

Please advice.

Regards

Santos

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ashutosh mishra (Expert) 14 December 2011
You should invest Rs.100,000/= in recognized savings such as ppf nscs insurance premiums etc.as provided in s80ofit act and 20k may be deposited in INFRASTRUCTURE BONDS.

If HRA is a component in your salary you can get it reimbursed against submissions of receipts of rents.

ajay sethi (Expert) 14 December 2011
invest in public provident fund to maximum extent . earlier limit was Rs 70,000now raised to rs 1 lakhs .

take some insurance policies if you do not wan to invest all your surplus in PPF .

consult your CA

DISHA D. SHAH (Expert) 14 December 2011
additionally , salary includs some perquisites .i.e exempted from tax ,depend on each case
take advise from income tax preparer

Sailesh Kumar Shah (Expert) 14 December 2011
also you can invest rs. 20000 u/s 80ccf in additional 1 lacs u/s 80c.

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