How to Save income Tax On salary in India for FY 2014-15 AY 2015-16
Every Salaried employee things of options or ways to save income tax on their salary in India. Currently if your Taxable Salary is more than Rs.10,00000 , you are in the 30% tax slab and that means you are ideally paying tax of Rs.300000 , which is very big amount. Kindly refer to Current Income Tax Slab and Rates for FY 2014-15 and AY 2015-16
Some Common Questions Asked on Tax Saving Tips
- How much you have invested in 80C investments.
- What is the income tax amount for 3,60,000 per annum for the Financial Year 2014-15
- How to save tax on interest earned on Fd for the Assessment Year 2015-16
- How to save 100 % income tax for a salaried employee
- Is there any tax for depositing money in saving account
- What the options for state and central government salaried employees for saving tax?
Current income tax Slabs for FY 2014-15 and AY 2015-16
|Income Tax Slabs for Fy 2015-15|
So how to pay less tax on my salary ? This is a quite common question to most of us. Before you actually go and understand the tax saving tips , I request you to understand how the Income tax is calculated with example.
What are the ways by which you can Save Income Tax on Salary in India
- Understand how your Income Tax is calculated
- Calculate your Taxable income
- Watch out for tax saving options which I am going to explain now
- Understand the latest bugdet 2014-15 changes.
- Prefer to take home loans to save tax
- Prefer to take Insurance policies - Understand the Terms and Conditions.
10 Tax Saving Tips - You should know
- Tax saving under Income tax Section 80C
- Save Tax by opting HRA ( house Rent Allowances)
- Save Tax by Taking Home Loans and claiming tax exemption on both principal amount and home loan interest.
- Invest in Tax Saving Mutual Funds
- Save Tax by contributing to Public Provident Fund.
- Save Tax by taking life insurance policies
- Fixed Deposit can be opted to save tax
- Save Tax by take health Insurance policies
- Leave Travel Assistance shall be preferred.
- Watch out for Sections 80D in details
I will explain in detail the above options in my next posts.