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GroovyPenguin
GroovyPenguin
Oracle

Suggestions to save tax ?

I am a software engineer in Bangalore having base CTC 13.8 lpa. Which brings me to a tax of more than a lakh rupees, what are the possible ways to reduce this taxed amount.

4mo ago
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SnoozyJellybean
SnoozyJellybean
Stealth4mo

Lots of ways :

  1. Create a fake rent agreement with your parents claiming (2-3 lakhs of HRA completely)
  2. full 80c (1.5 lakhs)+ insurance (1lakh ) , LIC
  3. NPS(50k)
  4. Home loan (interest upto 2lakh)
  5. Other allowances (car running cost + travel allowance - take 1 vacation with family - all flight tickets are reimbursible) - I think limit is 5lakh of Other allowances.
WobblySushi
WobblySushi
Stealth4mo

Is this allowed in New regime??

SnoozyJellybean
SnoozyJellybean
Stealth4mo

New regime - No deductions allowed

PrancingPanda
PrancingPanda
Capgemini4mo

Old regime , 80c 1.5 lac ,Hra depends on your salary structure, LTA (once in 4 years) and lastly 80 g allows you to claim parents insurance which you have purchased upto 50k+ 5k personal check up (without bills) total 2.05 lac + whatever in HRA

QuirkyPotato
QuirkyPotato
Oracle4mo

Hra , 80c , medical self and family nps

GigglyCoconut
GigglyCoconut
LTIMindtree4mo

Ask your HR to reduce your salary

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