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7 Best Ways Salaried Professionals Can Save Taxes

By SiliconIndia   |   Tuesday, January 14, 2014   |    2 Comments
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Bangalore: Most often it is seen that by the end of every financial year tax payers make their investment in a hurry in order to minimize their taxes, without even having adequate knowledge of various options. Tax planning is actually easy for salaried persons when compared to self employed or businessmen. But, the salaried class often neglects to do needed tax planning, and ends up spending their hard earned money.

One reason behind this negligence is lack of sufficient time to conduct the tax-planning exercise, or lack of awareness about different incentives, allowances and rebates under the Income Tax Act. There are various other sections apart from the Section 80C deductions which are quite popular, and can help salaried individuals save their taxes.

Here are some ways to save tax from your salary:

Restructuring your salary

If you want to reduce your tax try to get your salary restructured, yes it is sometimes not that easy but including certain components can benefit you by reducing the tax liability. When compared to other eligible investments restructuring the salary is a more safe and efficient means of claiming tax benefits. Some of the expenses that are included in saving tax are medical expenses, food coupons for instance Sodexo, transport allowance, House rent allowance and leave travel allowance.

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Reader's comments(2)
1: Hi, kindly note that the maximum deductible amount towards medical insurance premium under section 80d is rs.15000/- for dependents and additional rs.2000/- for parents who have to be dependents. - regards venkat. (error in the article with respect to the amount specified)
Posted by:venkatramana c - 15 Jan, 2014
2: Hi, kindly note that the maximum deductible amount towards medical insurance premium under section 80d is rs.15000/- for dependents and additional rs.2000/- for parents who have to be dependents. - regards venkat. (error in the article with respect to the amount specified)
Posted by:venkatramana c - 15 Jan, 2014
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