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Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Jul 25, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more

Asked by Anonymous - Jul 25, 2023Hindi

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I have income of 830000. How I can save my tax

Ans: you can invest in eligible investments u/s 80 C and 80CCC , take health insurance in name of your parents and yourself ( Sec 80D) and NPS - national pension schme for additional Rs. 50 K deduction.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by Santosh - Jan 26, 2023Hindi

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My salary is 85k, take home is around 78k after tds deduction, my kids education is over like they are in 4th year of degree, this year there will be no educational fees, but i have some emi to be cleared which is not under taxation, small amount of rent, lic, and medical insurance total of under 2lacs per year, how do i save tax?

Ans: Hi Santosh kindly check following points

Check if sec 80 C benefit Is complete, means you are saving full Rs 1.5 lacs in insurance or tax saving mutual funds or tax saving bank deposits or ppf etc.

Check if Sec 80D benefit is complete, means that you are saving Rs 25000 for self n spouse n kids below 25 years and Rs 50000 for dependent senior citizen parents

Check if sec Sec 80 CCD(1B) is utilized full by investing in NPS, max Rs 50000

Wuth these 3 sections max tax saving can be done

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Tax Expert - Answered on Feb 15, 2023

Question by Anurag - Feb 03, 2023Hindi

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My salary 20lacs gross pa how i can save tax

Ans: New tax regime is beneficial if all the tax benefits are not taken. For e.g. if income is 20 lacs and deductions u/s 80C is 150000 taken, tax liability will be Rs.300000 under new tax regime and under old it will be 367500.

However, if person take PPF benefit of 1.5 lac, 25k in mediclaim, housing loan interest deduction 2 lacs, 50k standard deduction from salary; tax liability under old regime will reduce to 285000 as per Budget proposal for FY 23-24.

plus applicable cess

Sanjeev Govila | Answer |Ask -Follow

Financial Planner - Answered on Oct 02, 2023

Question by ronald - Oct 02, 2023Hindi

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Sir, kindly let me know how to save more income tax apart from 80C deductions

Ans: FIrstly, please ascertain whether the Old Tax Regime is beneficial to you or the New Tax Regime. If it is the new one, you do not have to bother about saving any income tax as there are hardly any deductions available in it but the tax rates are lower. If Old Tax Regime is beneficial to you, then the tax benefits are available to you only if there are special circumstances for you, eg, you take a home loan and loan interest saves a bit of tax under IT Section 24(b), education loan under Section 80E, disability of self and/or dependents under Sections 80DD, 80DDB, and/or 80U, etc.

Samkit Maniar | Answer |Ask -Follow

Tax Expert - Answered on May 26, 2024

Asked by Anonymous - May 04, 2024Hindi

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I am salaried individual my gross salary is 9 laks how i can save tax

Ans: 1. PPF / LIC/ ELSS - 1.5L
2. MEDICLAIM - 50K
3. MEDICLAIM SENIOR CITIZEN PARENTS - 25K
4. NATIONAL PENSION SCHEME - 50K

If you have HRA, housing loan or education loan then you may get additional benefits as well.

Please take help from your CA before moving ahead.

T S Khurana | Answer |Ask -Follow

Tax Expert - Answered on Jan 22, 2025

Asked by Anonymous - Jan 21, 2025Hindi

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How to save tax for income less than Rs 10 lakh?

Ans: Normal Tax Savings, like :
(a). U/S 80-C (Rs.1,50,000.00 (NSC, Children Education, Tax Saver FDRs, MFs (Equity based), LIC).
(b). U/S 80-D, Medical Insurance maximum amount for Senior Citizens (Rs.50,000.00).
(c). U/S 80-CCD NPS (Rs.50,000.00).
(d). U/S 80-TTA Interest Income maximum for Senior Citizens (Rs.50,000.00), Otherwise Rs.10,000.00.
(e). U/S 80-E Education Loan Interest Paid, if applicable to you.
(f). U/S 24-B, You can enjoy deduction if you are paying EMI of Housing Loan (Maximum Limit Rs.2,00,000.00).
Hope this info will serve your purpose.
Most welcome for any further clarifications. Thanks.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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