Save Income Tax on Salary

Written by  nadeemacademycom

21st Jan 2022

Deductions under Section 80C, Section 80CCC and Section 80CCD

Tip 1

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Medical Expense    using medical bills in a year is Rs.15,000. 

Home Loan

Tip 2

maximum deduction of Rs.2,00,000

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Education Loan People can save tax by opting for an education loan for higher education 

Shares and Mutual Fund

Tip 3

who earn below Rs.12 Lakhs annually are allowed an additional deduction

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Long Term Capital Gain A long term capital asset would be any asset that the taxpayer has owned for over a period of 3 years. 

Sale of Equity Share

Tip 4

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Donation Taxpayers can claim deductions of up to Rs.10,000 for donations 

House Rent Allowance

Tip 5

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LTA (Leave Travel Allowance)