my income is rs345000. i want to save money and tax, how?

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1. There are various avenues. Section 80C gives you chance to invest and save tax on upto 1,00,000/- Rs. (Life insurance, Medical insurance, Pension plans, employee's contribution towards PF, Purchase of Mutual funds eligible u/s 10 etc) Purchasing a house enables you to deduct installment and interest payable to bank on loan, from your income. Donation U/s 80D However, consult a CA as he will be more precise and will guide you personaly.
2. I guess you're male and under 65. Total income= Rs.345,000 Exemption limit= Rs.110,000 Investment exempted from tax u/s80cc= Rs.100,000 Health insurance exempted= Rs.15000 (Take a home loan. Interest payment exemption= Rs.150,000 Total exemption= Rs.375000 Tax liability= 0.) Otherwise, you'll have to pay tax. [Edit] Oh, I forgot, you can gift your excess income to your parents/children , and it'll be exempted from tax.
3. Invest up to 1 lakh in investments which gives you direct 1 lakh deduction from your income. What are the investments in 80C are given in the web site given below. http://www.rediff.com/getahead/2005/dec/26tax.htm TAX BEFORE INVESTING IN 80C INVESTMENTS: Tax Calcu. for MALE -Tax free Amt. Rs.110000 345,000 = Gross Total income (Regular) 000,000 = LESS: 80C deductions (U/Chapter IV-A) ------------- 345,000 = Net total income taxable @ Slab Rates ======= 004,000 = Tax @10% between 1.1 to 1.5 lakhs on040,000 100,000 = Tax @20% between 1.5 to 2.5 Lakhs on100,000 028,500 = Tax @30% on > 2.5 lakhs on Rs.095,000 ------------- 052,500 = Gross Tax (As per slabe rates) on 235,000 001,575 = ADD: Education cess @ 3% on tax. ------------- 054,075 = Net Total Tax Payable before investing in 80C investments. ======= ********** TAX AFTER INVESTING IN 80C INVESTMENTS: Tax Calcu. for MALE -Tax free Amt. Rs.110000 345,000 = Gross Total income (Regular) 100,000 = LESS: Deductions U/Chapter IV-A (80C Etc.,) ------------- 245,000 = Net total income taxable @ Slab Rates ======= 004,000 = Tax @10% between 1.1 to 1.5 lakhs on040,000 095,000 = Tax @20% between 1.5 to 2.5 Lakhs on095,000 000,000 = Tax @30% on > 2.5 lakhs on Rs.000,000 ------------- 023,000 = Gross Tax (As per slabe rates) on 135,000 000,690 = ADD: Education cess @ 3% on tax. ------------- 023,690 = Net Total Tax Payable. (After investing in 80C) =======
4. invest one lakh in mutual fund tax saving scheme there are many open this month,.there is alock in period of 3yrs this is best as on today go for medi cliam policy for self and family if you are staying in arented house ,rent paid is deductible if you want to buy a house and take loan interest will be exempt otherwise pay tax on bal after deducting 110000 if you are aman hkc
5. you can donate it to a fun patient like me, interested i will let you know my address
6. Please invest Rs 100000 in insurance,tax saving mutual funds,ppf etc 15000 is available as deductin under medical insurance for your self and family.Basic exemption is 110000 this year and will be 150000 next fiscal.you are eligible for exeption on medical reimbursement up to 15000 and standard deduction for specified amount will be available. you may have to pay nominal taxes.check with your payroll department for detailed calculations.
7. try http://www.ratekhoj.com and look at their tax savings section....
8. k*nj*ra loka nu f*d*u na bana............. ha ha ha