How To Save Tax in India for Salaried


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How To Save Tax in India for Salaried? Salary-related taxes are the bane of the working class. The filing season is the time to calculate your taxable income and pay the right taxes. It is essential for the salaried class to understand how to save tax and what deductions are available to them. Understanding salary components, tax slab, taxable income, and deductions are essential for the salaried class to reduce their taxable income.

 

One of the most popular ways to save tax is to use deductions. You can take advantage of your leave travel allowance, house rent allowance, or medical bills as deductions to reduce your tax liability. You can also use various allowances and investment schemes to save money on taxes. However, be aware that you may not be eligible for all of these deductions. These are only a few tips to help you save money on your taxes.

 

If you are a salaried person, the first step to save tax is to make a home loan. By taking out a home loan, you can deduct the principal and interest from your current taxable income. This way, you can save up to Rs. 1,50,000 on your taxes. The deduction is also allowed on second homes loans. So, if you are a first-time home buyer, you should definitely opt for this option to reduce your taxable income.

Contact SmartCA for How to Save Tax in India +91 93808-02000

 

 

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