i am fresher working in a software company..i am not aware of the tax system and how to get maximum tax exempts...it will be better if you can provide some basic stuff on the taxes levied and how to get maximum tax exemptions
Re: suggestion
by Harish Upadhyaya on Dec 20, 2009 11:03 PM
Arun,
Depending upon your salary structure u can claim different exemptions 1 ) if the co. is paying HRA as a salary component and you are living in a rented accomdation u can claim exemption by showing rent receipts to your employer. 3) Medical Rimbursement-- if the co. is paying any medical allowance .. u can show the medical bills to claim exemption upto Rs. 15000/- 3) if you get Conveyance allowance you can get exemption upto Rs. 9600 per annum 4)Add on you can do some invesments and claim deduction under section 80C upto 1 lac rupees in the following instruments: Insurance premium, ELSS funds, NSC, Principal amount of Home Loan etc.
By doing all these you can claim maximum deduction
Under Income Tax Act, every individual is a different person.In case of borrowings also, one cannot borrow from others 20000/- or more in cash. This principle applies even for the transactions between husband and wife. If that is so, why a husband cannot pay rent to wife, when she is filing I T return. Most of the sections in I T act differentiates husband's income Wife's income.
