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Would you like to give your hard earned money to anybody just like this? Will you be able to see your half amount of salary is just going in the name of tax? But unfortunately your salary gets cut under the name of professional tax and you have no say in it. That is an obligation that that got to pay the government. We very well know government cuts us in various ways in the name of taxes and we can’t do anything but pay it or else it becomes an offence. We pay two type of taxes that is direct and Indirect tax. There is a tax for everything you do you have VAT (VALUE ADDED TAXES) that we pay when you purchase something and even on certain food outlets. Income tax which is applicable to all whose total income falls under the taxable limit. Then we have Capital Gain tax which is paid on profit on sales. Then we have sales tax and service tax which is paid on sales of movable goods and on paid service respectively. These are most common taxes there are other taxes that are cess tax, Registration fee, Wealth tax, Octroi, Stamp duty, Gift tax etc.

It is our Money and we all want a way out of these taxes though we cannot completely exempt taxes but ensure only a bare minimum amount goes to the payment of tax. So there are certain ways or tips wherein we can save ourselves from the payment of tax…

  1. Salary Restructuring

Though this is not easy, but if you are in good terms with the HR department of your office then it is surely possible. Like using company vehicle rather than your own or including travelling allowance, medical allowance, and educational allowance all to be showed as part of your salary. By showing the actual bill of these expense you can reduce on tax

  1. Utilizing Section 80 C

Section 80C offers a maximum deduction on tax up to RS 1, 00,000.one must use the scheme to the fullest under 80 C. Some of which are Public Provident Fund, National Saving Scheme, Life Insurance, tuition fees for education, Equity Linked Saving Scheme

 

  1. Make use of interest payments

Interest payment on Home loans can be use under 80E of the IT Act for availing lower payment of tax

 

  1. Investment in Gold Exchange traded funds (ETF)

Gold Investment is also a way it saves tax and it involves no risk as well as you make good investment

 

  1. Leave travel Allowance

LTA (Leave Travel Allowance) is available for salaried employed twice in the block of four years. It also add benefit for reduction in tax payment

 

By using the above tips you can someway save on taxes and also at the same time make useful sue of the money through certain investments which is useful for you in future.

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