how to avail income tax exemption in india?



i am paying around Rs. 250000/- as income tax there is any option to get exemption in paying tax.

how to avail income tax exemption in india?
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9 Replies to “how to avail income tax exemption in india?”

  1. The exemption limit for saving including all recognised saving is only Rs 100000. Some of the other savings which will reduce income tax burden are Gift to your spouse, donation to recognised institutions,medical insurance.These are exempt from income tax to certain limits.


  2. Through section 80(C) you can get the tax evaded for a maximum of 1 lakh per annum.
    Similarly home loans and the interests can be exempted from income taxes



  3. Invest Rs. 1L under LIC, PF, Principal on Home loans etc.

    You can get exemption for 1.5L, if u paid Interest on home loans.

    Also, try to provide more monthly rent (>50% of ur monthly basic) receipt with agreement copy.





  4. Buddy,

    As per the IT regulations, there are certain deductions that are allowed on the income earned by an individual. These amounts can be subtracted while arriving upon the net taxable salary of an individual.

    They are HRA, LTA etc.

    The Income Tax laws allow all individuals who are assessed for income tax to claim exemption from income tax under the following heads.

    Section 80C – The section 80C of the IT laws provide exemption from income tax on amounts that are invested by the individual. This usually includes the amount the individual invests in certified instruments that are exempt from tax

    There are a lot of other section using which you can reduce your tax. to know them visit: http://anandvijayakumar.blogspot.com/2008/10/normal-0-microsoftinternetexplorer4.html

    Cheers,
    Anand
    mail me at [email protected] if you need any more details.


  5. hi.you not specify which Type of income means salary income or Business income….is salary income then you can save tax by Housing loan and also take education Loan & deduct good saving from salary.if your income is business then you can also able to file new return of your spouse.and you can take this is expenses in your income .for more i suggest you consult good tax consultant of your city.





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