How to reduce total income below taxable limit?

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  1. m s yadav

    m s yadav New Member

    I have the income rs 307000 and investment(home loan and lic) is 219,112 , so can i show the investment of 107000 so that the taxable amount will be 200000 which is nill. Is there any way to got rid of tax for amount 7000?
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    From Financial Year 2014-15 onwards, the maximum deduction allowed under Section 80C has been increased to Rs. 1.5 Lakhs

    Therefore you can invest in instruments allowed to be claimed as deduction under Section 80C which will inturn reduce your total taxable income and your total taxable income would be less than Rs 2,00,000 on which no Income Tax would be levied.
     
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