Welcome to Mihir's Blog

Simple steps to save maximum income tax for salaried person 1) Make 1,50,000 investment for 80C and provide documents to your employer (Suggestions LIC 15,000 + PPF 1,00,000 + ELSS Mutual Fund 35,000) 2) Pay mediclaim premium upto 35,000 for 80D and provide documents to your employer (Suggestion 15,000 for self family + 20,000 Sr. Citizen parents)  3) Take rent receipt from landlord and provide to your employer to claim HRA (Max Rent amount 50% of basic salary for Metro city, 40% of basic salary for non-Metro city) 4) Take home loan provisional certificate from bank and provide to your employer (Max 2,00,000 deduction for interest component component on home loan, Claim Principal component of home loan under 80C ) 5) Produce medical bills for 15,000 to your employer 6) Opt for food coupons of 3,000 per month from employer 7) Finally, Go on vacation with family and relax, then claim for LTA to employer

Salary For 12 months (CTC)                               12,00,000 Less: Food Coupons (3000 per month)                         -36,000 Less: Misc Medical (1250 per month)                            -15,000 Less: HRA (50 % of basic for Metro city)                    -1,20,000 Less: Conveyance Allowance  (800 per month)               -9,600 Less: LTA (No limit)                                                    -16,900 Less: Prof Tax (2500 per year)                                      -2,500 Income under head Salaries                             10,00,000 Income from house property                                    -2,00,000 (Interest on housing loan max 2,00,000)                                         Income from other sources                                        +10,000 (Interest on Saving bank a/c) Gross Total Income                                             8,10,000 Less: 80C Investments                                            -1,50.000 (