Every year one has to pay taxes on earnings, Here I am only mentioning about earned income for an individual who works in an institution. ( for year 2011-2012)
The most commonly deductions are :
There are 4 most commonly used deductions that most people can avail of. These are popularly known by the section of the Income Tax Act under which they appear. Click on each of them to get more details.
80C deduction: Up to Rs.1 lakh, and used towards certain investments, payment of insurance premium, repayment of home loan principal amount, provident fund etc.
80D deduction: Up to Rs.15,000, and used towards annual medical expenses
80E deduction: Deduction of entire amount of interest paid on higher education loan for any family member
80G deduction: Deduction for contribution to charitable organization
In addition to these, there are numerous other deductions that are less common or that might not usually apply to you. Please check with your tax advisor if you might be eligible for any other deductions.
This is a cut and paste from one of the sources I found on the Internet.
http://www.itrust.in/content/tax-planning/What-are-the-most-commonly-available-deductions
http://www.topfinancearticles.info/income-tax-slab-rate
The most commonly deductions are :
There are 4 most commonly used deductions that most people can avail of. These are popularly known by the section of the Income Tax Act under which they appear. Click on each of them to get more details.
80C deduction: Up to Rs.1 lakh, and used towards certain investments, payment of insurance premium, repayment of home loan principal amount, provident fund etc.
80D deduction: Up to Rs.15,000, and used towards annual medical expenses
80E deduction: Deduction of entire amount of interest paid on higher education loan for any family member
80G deduction: Deduction for contribution to charitable organization
In addition to these, there are numerous other deductions that are less common or that might not usually apply to you. Please check with your tax advisor if you might be eligible for any other deductions.
This is a cut and paste from one of the sources I found on the Internet.
http://www.itrust.in/content/tax-planning/What-are-the-most-commonly-available-deductions
http://www.topfinancearticles.info/income-tax-slab-rate
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