As per the income tax laws, if a salary crosses the threshold limit tax will be deducted at source. Here are 8 ways to reduce your tax liability
If the aggregate rent paid during the Financial Year exceeds Rs 1 lakh, an employee can claim this allowance by providing landlord's Pan card details
A sum of Rs 50 per meal is exempt on meal vouchers. This can provide a tax exempt of Rs 2,500 per month, considering lunch and dinner
In case you have given certain funds to authorised trusts, an employee could submit the proof of donation in the form of a receipt
You can ask your employer to include travel allowance for claiming the exemption
Employees may furnish an 80D tax certificate from insurance companies for the deduction of premium paid along with proof of payment
Details like date of availing the loan, installment amount and interest chargeable need to be submitted
A copy of the deposit receipt for the amount deposited during the Financial Year and bank statement should be submitted
Public Provident Fund investment is the most preferred routes to reduce your TDS liability and offers a rebate of nearly Rs 1.5 lakhs per annum