How to Save Tax from Salary in India
Keep your basic salary as low as possible.. Add fixed allowances for food and housing to increase your take-home pay.. Give up take-home pay in favor of perquisites.
Steps
Keep your basic salary as low as possible.
Keep your basic salary as low as possible.
Add fixed allowances for food and housing to increase your take-home pay.
Add fixed allowances for food and housing to increase your take-home pay.
Give up take-home pay in favor of perquisites.
Give up take-home pay in favor of perquisites.
Invest in an equity-linked savings scheme (ELSS).
Invest in an equity-linked savings scheme (ELSS).
Open a Public Provident Fund (PPF) account.
Open a Public Provident Fund (PPF) account.
Increase your contribution to your Employees' Provident Fund (EPF).
Increase your contribution to your Employees' Provident Fund (EPF).
Purchase a life insurance policy.
Purchase a life insurance policy.
Open a Sukanya Samriddhi Yojana (SSY) account if you have a daughter.
Open a Sukanya Samriddhi Yojana (SSY) account if you have a daughter.
Deduct interest paid on loans for higher education.
Deduct interest paid on loans for higher education.
Donate funds to charitable institutions for an additional deduction.
Donate funds to charitable institutions for an additional deduction.
Keep records of tuition paid for your children's education.
Keep records of tuition paid for your children's education.
Claim a deduction for any interest earned from savings accounts.
Claim a deduction for any interest earned from savings accounts.
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