How can I Save Tax ? Rakesh Jasani, 05 Sep 2012

How should I save income tax on my salary?

Fintotal Answer

You can utilise the benefits under section 80c like investing in NSCs, Infrastructure Bonds, FDs of tenure more than 5 years, insurance policies from LIC or any other private insurer like Bajaj Allianz and ICICI Prudential and equity linked saving schemes like SBI Magnum Tax Gain and Birla Sunlife Tax Relief 96. Rakesh,we suggest you visit Step-By-Step Procedure To Save Tax  on more ways to save tax. Thanks a lot for your query!

My friend told me if I pay college fees it comes under 80 C to save tax. If I pay for my brother will this help me in saving tax?

Fayaz, 29 Oct 2012

Your friend is right but the deduction is available only If you pay for your child. Family members and relatives are not included. Read this article for more info on tax planning - http://www.viewpoint.fintotal.com/Comprehensive-Tax-Planning-for-Salaried-Individuals/406

Fintotal Answer,29 Oct 2012


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