Income Tax Act gives salaried people many ways of saving taxes on Salary:
- Do you stay with parents?
- You can pay them house rent.
- Did you buy a house recently?
- You can avail the deduction of upto Rs 1,50,000 on your taxable income.
- Do you have school going children?
- You can avail the tuition fees as Deductions under Sec 80C upto Rs 100000.
- Do you pay medical premium for your parents/family?
- You can avail this as deductions under Sec 80D upto Rs 35,000.
- Did you pay some medical bills this year?
- If you get medical allowance from your employer then you can claim deduction upto Rs 15,000.
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