As an employee, you need to pay taxes under the income tax bracket. The tax must be filed every year if you don't fall under the bracket. As an employee, if your annual salary is equal to or over five lakh you need to pay your taxes. But to help the citizens the Income Tax Department (ITR) has provided us with the facilities to claim tax exemption. I will share with you the tax saving options for salaried employee.
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There are many ways to claim taxes. Taxes can be claimed under many heads developed by the Income Tax Act. Read on to understand how to save tax in India for salaried.
I will share the pointers for the ways of tax saving for salaried individuals.
House Rent Allowance (HRA)
Leave Travel Allowance (LTA)
Employee Contribution to Provident Fund (PF)
Standard deduction
Professional Tax
Exemption of Leave Encashment
Exemption Under Section 89(1)
Exemption by opting for Voluntary Retirement
Pension
Gratuity
Donations
Meal coupons
Car rented by employer
Exemption on Cell phone reimbursement or Internet
Medical Insurance
Home Loan
Education Loan
Mutual Funds
Deductions
These are the ways to claim tax exemption. I will explain the pointers in brief in some other answers. I will also provide some links for you to understand some of the processes as well.
income tax deductions for salaried employees
I hope you understand now the ways for tax saving options for salaried individual.
Read more:
How To Claim HRA In Income Tax Return?
What Is Section 80C Of Income Tax Act?
How To Log In Income Tax Portal?
How To Register DSC On New Income Tax Portal?
How To Save Tax Apart From 80C?
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How to save tax for salaried employee?
Dipankar
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3 Year
2022-05-23T09:48:22+00:00 2022-05-23T09:48:25+00:00Comment
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