Find solution
What are the various ways of savings to avoid income tax?

What are the various ways of savings to avoid income tax?

  • my annual salary package is 190000. brakup is basic - 5000 medical- 833 conv.allow.- 600 hra - 6000 PF - 600 LTA - 417 DA - 1000 Gratuity- 400 others- 1000

  • Answer:

    The max. you save invest in tax saving plan is Rs.1,00,000/- p.a. Out of this the best depends upon how much risk you can take. The safest is the Post Office- the National Saving cerficate. You get the tax benifit in the year of investment and get 8% annual interest. But you have to part with the money for six years.

prem at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

get hra deducted from gross salary if in rented house. go for fixed deposit under 80c , other option is for ppf or nsc . u may also go 4 lic policy

kathuria_kanwal

Take exemption by submitting bills for medical & LTA to the extent you are allowed so u'ld be able to take exemption u/s. 10 upto 22,200(i.e 833*12+600*12+417*12). If u stay in rental house u can take even exemption for that by using your Hra. So afer calculating your taxable incomes to 165200 So make additional invst upto 58000/- by investing in LIC,PPF,Taxsaving mutal funds etc.

Nutty

invest in elss mutual fund

captain

dear sir, why should you avoid income tax. please pay the tax because it is used for developmental activities of our country. not only you every person should pay tax, then only there will be no disparity between rich and poor. thank you.

lokanath

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.