Regarding Tax saving

285°
Deal Cadet
Musky

My FY22-23 income is reaching 11.5 Lakh.

I have saved Rs2.5 Lakh in (Standard decduction 50K, NPS 50K, 80C 150K).

How do I save further taxes?

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Deal Cadet Deal Cadet
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Any hra or home loan could work. You can show you paid your parents rent. Also no pan required for payments under 10k a month
Deal Lieutenant Deal Lieutenant
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legend101 wrote:
Any hra or home loan could work. You can show you paid your parents rent. Also no pan required for payments under 10k a month
It is 8333 per month bro
Deal Cadet Deal Cadet
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rohan8397 wrote:
It is 8333 per month bro
But that will not save me much.

How will I come below 5 Lakh?
Deal Lieutenant Deal Lieutenant
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Musky wrote:
But that will not save me much.

How will I come below 5 Lakh?
You can get someone's PAN number and show it for rent of any amount. For less than 8333, pan is not required
Deal Newbie Deal Newbie
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You can save 25000 on health insurance premium of self and spouse and additional 25000 on health insurance premium of parents under section 80(D) 
Also 5000 can be deducted for preventive health check up under section 80(D)
Pro Community Angel Pro Community Angel
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rohan8397 wrote:
You can get someone's PAN number and show it for rent of any amount. For less than 8333, pan is not required
Still , claiming 5 lakh that way can be risky
Deal Cadet Deal Cadet
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androgame wrote:
Still , claiming 5 lakh that way can be risky
Aise hi kisi ka bhi PAN utha ke thori na kar doge. Woh insaan nhi kahega kiska RENT hai uske 26AS mein.
Deal Subedar Deal Subedar
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Alert: @Musky is having weird ideas, first "connecting" 2 laptop CPUs to make 8 cores, now chopping off 5L from 11L income...

Deal Subedar Deal Subedar
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Musky wrote:
But that will not save me much.

How will I come below 5 Lakh?
Zyada kamaoge to tax bhi zyada pay karna padega.. kuch nahi ho sakta iska bhai smile
Blaze Blaze
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Does EPF Deduction, professional tax deduction come under section 80C ?
Blaze Blaze
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Does EPF and professional tax deduction come under section 80C ?
Deal Cadet Deal Cadet
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smz wrote:
Does EPF and professional tax deduction come under section 80C ?
Epf is under 80c, professional tax is extra
Blaze Blaze
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legend101 wrote:
Epf is under 80c, professional tax is extra
Under what deduction is professional tax?
Deal Subedar Deal Subedar
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Tell me one thing if owner is not giving pan for hra can i claim in income tax filing later by giving rent agreement proof

Deal Newbie Deal Newbie
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pranavcool wrote:

Tell me one thing if owner is not giving pan for hra can i claim in income tax filing later by giving rent agreement proof

not if rent paid is more than Rs 10000
Benevolent Benevolent
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Musky wrote:
But that will not save me much.

How will I come below 5 Lakh?
How will I come below 5 Lakh?

donate the difference amount to me

Benevolent Benevolent
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you can donate to AAP and save tax

you may get into trouble with that rental saving trick, IT is very advanced now

Deal Subedar Deal Subedar
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caks2006407 wrote:

you can donate to AAP and save tax

you may get into trouble with that rental saving trick, IT is very advanced now

Yes rent is tracked both ways now you shd be legit in that case yeh govt tax loot loot ke mar hi degi

Deal Cadet Deal Cadet
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Start employer nps also, will help save 10%of basic salary. Not a much but surely another 50k to lac will be saved for next year.
Deal Cadet Deal Cadet
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Agnivo007 wrote:

Alert: @Musky is having weird ideas, first "connecting" 2 laptop CPUs to make 8 cores, now chopping off 5L from 11L income...

Are yaar bhai pro level ke log hai ham 😅

PorGIF

tm kis grah ke prani ho be

image

Deal Subedar Deal Subedar
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Musky wrote:

Are yaar bhai pro level ke log hai ham 😅

PorGIF

tm kis grah ke prani ho be

image

Right, we are not of the same status...

Kis grah ka kaunsi daru pee rakkhi hai pata nahin Sunday pe...

Finance Mentor Finance Mentor
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sahuvivek wrote:
Also 5000 can be deducted for preventive health check up under section 80(D)
That 5K comes under the overall 25K health insurance under 80D
Finance Mentor Finance Mentor
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There is 10K to be deducted under 80 TTA also for interest earned from all the savings account.

I won't recommend unnecessarily increasing such exemptions/deductions just to avoid tax.


Deal Newbie Deal Newbie
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Donation to political party
Deal Newbie Deal Newbie
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Ramta_Jogi wrote:
That 5K comes under the overall 25K health insurance under 80D
I think 5k is moreover extra  + 25K health insurance for self 

R U sure it 5k is including of 25K ?
Deal Newbie Deal Newbie
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Ask HR to issue you food vouchers / sodexo coupons  from a part of your monthly salary  -  those are taxfree ( i guess )

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