8 ways to reduce TDS from your salary

By Editorji News Desk
Published on | Jan 08, 2024

TDS Deduction

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

House Rent Allowance

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

Food Coupons

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

Donations to Trust and Charity

In case you have given certain funds to authorised trusts, an employee could submit the proof of donation in the form of a receipt

Leave Travel Allowance

You can ask your employer to include travel allowance for claiming the exemption

Medical Insurance Premium and Claim

Employees may furnish an 80D tax certificate from insurance companies for the deduction of premium paid along with proof of payment

Interest on home loan

Details like date of availing the loan, installment amount and interest chargeable need to be submitted

National Pension System

A copy of the deposit receipt for the amount deposited during the Financial Year and bank statement should be submitted

PPF Investment

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