Hey guys.

Lets use this thread to learn about how people are saving their taxes. I am into 19 lpa fixed range and don’t have much idea to save taxes. I am losing too much each month. Help kardo yaar!!

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Either DYOR, or hire a tax consultant. Clear Tax has good resources, for both the above two. You can check it out. Thoda to homework karo bhai? 😂 Uske baad bhi zyada tax kat raha hai, tab advice maango 😎

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CS1 - you’re free to ignore the post. I think OP’s post is pretty useful. You’re free to ignore this.

Saving tax is divided into two parts
1:Exemption 2:Deduction
1:Claim exemption on HRA, LTA(twice in 4 years), transport allowance, children education allowance, food allowance.
2:Standard deduction- 50k
80C-1.5lac(max), instruments-epf(only employee contribution), ppf, nps, ulip,insurance (self, spouse, children) elss, nsc etc.
80 CCD(1b) -50k, nps additional contribution over and above 1.5l quota
80D-medical insurance-upto 25k for self, spouse and children, another 25k for parents <60years, 50k for parents>60years.
80E-interest on education loan(if any)
80EE-2 lac interest on home loan
80G-any donation made(50%/100% claim)
80TTA-10k on savings account interest

Hope this helps.

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The usual way out is to max out all your tax rebate sections (80c, etc).

I wouldn't recommend taking big home loans for sake of saving tax alone, since the amount of (compounded) interest you end up paying over the decades will drastically increase cost.

Apart from maxing out different tax rebate sections, why not think about starting a side hustle? Learnings apart, if it clicks years later you'll thank yourself for the hustle. Just bringing in a different perspective here.

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PF will take part of ur 80C , then either invest in ELSS or term insurance to max it to the total 1.5 L.
Start NPS it will give you additional 50K under 80 CCD.
If you are donating to relief & disaster funds to either center or state level note that down it comes under a separate section.
LTA also you can save some money be diligent in keeping proper documents boarding passes, leave approval emails. etc.
Fuel and communication bills also can be claimed under tax exemption.
Housing loan is alos there but dont go for it unless u really want to buy a house.
Keep all sundry medical expenses bills you can claim them under tax exemption too.

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Sirf like se kaam nahi chalega! Need comments as well!!

How can fuel be added to tax exemptions?

ElsS 1.5Lakh, NPS 50k, Self + Parent medical insurance 50k, Home loan 2lakh, HRA 2Lakh,Total tax saved 6.5 Lakh ,Taxable income down to 13.5

Add 50k standard deuctikn +36k food allowance also

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