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You can minimise the tax liability on salaries by investing in eligible investments qualifying under Sec 80CC.
The following are few investment options that qualifies as eligible investment upto Maximum of Rs. 1 lakhs per annum.
1. PF contribution
2. PPF investments
3. Infrastructure bonds
4. Mutual funds that are eligible under 80CC
5. Life insurance premium
6. Repayment of Housing loan principle.
7. PO deposits.
8. Tution fee of children
Apart from the above reimbursement of Medical Expenses upto Rs.15000 pa is exempted from tax.
Any premium paid for Medical insurance policy for Hospitalisation exempt upto Rs.15000.
Direct deduction is available for Housing loan interest upto 1.5 lakhs p.a.
If you are living in rented house and paying rent, you can get deduction under section 10 towards rent paid.
Rgds
Vishwanath
The following are few investment options that qualifies as eligible investment upto Maximum of Rs. 1 lakhs per annum.
1. PF contribution
2. PPF investments
3. Infrastructure bonds
4. Mutual funds that are eligible under 80CC
5. Life insurance premium
6. Repayment of Housing loan principle.
7. PO deposits.
8. Tution fee of children
Apart from the above reimbursement of Medical Expenses upto Rs.15000 pa is exempted from tax.
Any premium paid for Medical insurance policy for Hospitalisation exempt upto Rs.15000.
Direct deduction is available for Housing loan interest upto 1.5 lakhs p.a.
If you are living in rented house and paying rent, you can get deduction under section 10 towards rent paid.
Rgds
Vishwanath
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#Listed In: life insurance tax liability medical insurance medical expenses City-India-Vadodara Country-India
Salary Compt & TDS (AY 2014-15).xls
