Topic: How should I save income tax on my salary?

Please tell

This message was edited 1 time. Last update was at 30/06/2009 09:40:58

You can utilise the benefits under section 80c like investing in NSCs, Infrastructure Bonds, FDs of tenure more than 5 years, insurance olicies from LIC or any other private insurer like Bajaj Allianz and ICICI Prudential and equity linked saving schemes like SBI Magnum Tax Gain and Birla Sunlife Tax Relief 96.

Apart from this you can also take advantages of chapter VI-a deductions which include your HRA and conveyance allowance to reduce your taxable income.
Download free income tax calculator

This message was edited 1 time. Last update was at 24/12/2008 09:52:47

We are in the middle of the season when many of us will make tax savings related investments. So, I thought I would update my answer that I had given earlier this year.

Our website has a section on how to save taxes. Please visit the following links, and I hope that you find this content of interest.

This link has suggestions on how you can save up to Rs. 1 lakh through tax planning.

This link has lots of detail on the various section 80C options.

Please do leave comments on these articles and suggestions on what else you would like iTrust to write about.

Thanks.

whether land depreciation is applicable

This message was edited 2 times. Last update was at 16/12/2009 08:55:24

The best thing that you can do is invest in government's tax saving scheme's and try to take the loan from government authorized bank.

This message was edited 2 times. Last update was at 12/02/2010 11:15:04

Dear Devinder,

If this is the first time you are saving tax, the best way is to go for Life Insurance. As this would give you cover and tax saving. In upcoming years you can go for any other options as suggested in the above replies. you may contact on my mail id for more information.

Regards,

trisela wrote:The best thing that you can do is invest in government's tax saving scheme's and try to take the loan from government authorized bank.

You can invest in mutual funds

Best way to invest in LIC isurance policy with safe & guaranteed and tax free return & also get any loan (if needed then) then u will get tax benefit

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