how can i save my income tax?

if my income is grater than 150000 then how can i save my income tax?

how can i save my income tax?
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3 Replies to “how can i save my income tax?”

  1. Your question is not quite clear … are you asking how can you save your income tax refunded or how you can reduce your income tax liability through deductions?

  2. Loss from house property – 24(b) – Interest paid on borrowed capital (housing loan) up to Rs. 1,50,000/-

    Deductions under Chapter VI A :

    Repayment of interest on education loan upto Rs.40000/- for 8 yrs – u/s 80E
    Ext. of Rs.15000/- to 20000/- paid for medical insurance premium.- u/s 80D

    Deduc. u/s 80C
    1) Contributions to EPF, VPF, FPS, Approved Superannuation Fund.
    2) Contributions to PPF.
    3) To premium paid for Life Insurance Policy of self/spouse/children, ULIP, Dhanraksha.
    4) To NSC VIII issue / accrued interest on NSC.
    5) To schemes of PSU’s providing long term housing finance.
    6) Time deposits with Post Office.
    7) To ELSS of Mutual Funds.
    8) Repayment of home loan principle.
    9) Tuition fees of full time education for 2 children – Rs. 12000/- each.
    10) Investments in Infra-structure bonds.
    11) Investments in Bank Fixed Deposits for 5 years.
    12) Investment in Pension fund.- u/s 80CCC

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