Hi Sir, I am Ex Service Man drawing pension and Salaried person working in Pvt. Ltd Firm. Put together its about 9 L/A. PF & PT is deducted from current salary. Need your advice how can I get some tax benefits. No Loans, etc..
Ans: If your total income is Rs 9 Lakhs, the basic tax saving that you should do is through Income Tax Section 80C which allows you to save tax on contribution upto Rs 1.5 Lakhs per year which can be through a contribution of your EPF, PPF, children tuition fee, insurance premium payment, NSC etc.
If you have any health insurance (though you may not need it), then you can save under section 80D.
There is nothing else that I think you need to do for the current financial year.
For the next financial year, just use some online calculators to check if old or new tax regime is good for you. I think it will be new tax regime, where you do not need to do anything to save tax since the new tax regime itself has low tax for you.