I want to save my pay from income tax?

I want to save my pay from income tax because I am the only person in the family who is doing a job (Govt). In my family I have mother, wofe 7 11 moths old baby. Please advice me

5 Replies to “I want to save my pay from income tax?”

  1. Irrespective of your family strength you are liable to pay tax on your net taxable income if it exceeds the basic exemption limit of Rs. 180000.You can save tax if you are able to invest in specified savings schemes like G.PF, Life insurance premium, NSCs,etc. to the extent of Rs.100000.Later on during the course of the financial year you may be able to get deduction to the extent of Rs.20000 for investment in Infra bonds.

  2. you had not mentioned your pay/income level.
    if you want to avoid tax, it requires lot of tax planning/investments in allowed taxfree avenues etc.

  3. Calculate your gross salary income from sources available add amounts of arrears and payments receivable during current F.Y.After ariving fighure deduct P.T. & Deductions U/S 80C arive taxale salary Deduct Rs. 180000 fro total income basic exemption limit and calculate tax on balance amount. Plan to invest U/S 80 up to 1lac,Rs. 20000/- U/s 80CCF & Rs. 15000/- U/s 80D. if at all there is some amount after all deductions you have to pay the tax. So plan through above steps you will certainly save maximum tax.

  4. Complete your 80C deduction to Rs. 100,000/-
    Purchase Bond eligible under section 80CCF and get dedution of Rs. 20,000/-

    as you are Govt. employee then i guess you will able to get Rs 100,000/- from PF, etc.

    You can Purchase Bond eligible under section 80CCF from IDBI, LIC,etc save tax of Rs. 2000/- (if you are in 10% bracket).

    Call 9718147857 or mail at [email protected]
    for filling income tax return, Sales Tax Return, service Tax Return, TDS Return, Sales Tax No., Income Tax Refund and Any Life insurance policy from LIC

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