Ways to reduce my Tax
In India the taxpayers are classified into different categories based on their type of source of income. This article is mainly for salaried people. Income tax are levied directly on the net salary of an employee irrespective of his expenses. However, some sections are there in Income Tax Act to save salaried employees from tax burden. The followings are the main keys for salaried employees. 1. Section 80C : This section is the the most commonly used section for tax savings. This section includes Public Provident Fund (PPF), Employees Provident Fund (EPF), equity linked savings scheme, Housing loan repayment (principle) Stamp duty and registration charges while purchasing a residential property, Life Insurance Premium, children's tuition fee, National saving certificate, Senior citizen saving Scheme, Tax saving FD for 5 years, infrastructure bonds etc. However, this section has