Tax Saving Tips Beyond Section 80C

vishal412

Active Member
#1
Hi,

When we think about making tax saving investments, the first thing that comes to mind is Section 80C.

There are some things you need to keep in mind about Section 80C. And once weve gone through these things, well see what else you can do, that does not involve making fresh investments, to save tax.

We are discussing few other Tips, through which you can save Tax on your income.

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Tax Saving Tips Beyond Section 80C
 
#2
Hi Vishal,

Please go through www.wealth.moneycontrol.com . It will have lot of info.

from Apr 2010, under 80CCF Infra Bond you can declare upto investment of Rs 20,000. Apart from it, if you are an employee, refer your salary structure, look for section 10A. This is the best option to attack first. Normally they have HRA , Conveyance, Food Allowance (Sodexho /Meal Voucher/ Food Card), Mobile reimbursement, LTA etc. Pls plan well ahead (from April itself) and avail max benefit.
 
#4
There are some things you need to keep in mind about Section 80C. And once we’ve gone through these things, we’ll see what else you can do, that does not involve making fresh investments, to save tax


 
#5
Section 80C has a deduction limit of Rs. 1 lakh per annum. That is, if you have made investments of Rs. 2.00 L in the investment instruments mentioned above, only Rs. 1, 00,000 out of it would be eligible for deduction under Section 80C. You can include your child or spouse in Section 80C deduction and reduce from your taxable income.
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Tax Saving Schemes
 

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