How to save Income Tax on Salary?

When it comes to saving tax, it’s best to start planning early, instead of waiting till March every year.

The most significant tax saving avenues are those that are provided under Section 80C.

You can choose from any of the following.

Such investments help you reduce your taxable income by up to Rs. 100000 thereby reducing overall tax liability.

A recent amendment under Section80CCD(2)allows a deduction with respect to any contribution made by your employer to a notified pension scheme. The biggest advantage of this deduction is that it is available over and above the previously mentioned limit of Rs. 1,00,000.

In addition, Section80Dallows you to claim a further deduction for the premiums you pay for your health insurance.

These deductions can be claimed when you pay the health insurance premiums for your spouse, kids, parents and yourself.

Also Read :-Maximize your Tax Savings

Explore our Income Tax e-filing services for Salaried Employees