Do you think tax is a burden? Most of the tax payers believe so. If you are a wealthier man, you have to submit a huge amount as tax for the government. To down your tax payment it is necessary to establish a well tax planning criteria which limits the tax pay. For good tax saving, knowledge about the available deductions and exemptions granted by the income tax act is an essential element. So try to gain all the details about those allowed deductions to feel a fare tax system.
Tax deductions allowed by the IT act will help you to reduce the tax incurred on you. Allowances, educational expenses, home & vehicle repair expenses, medical expenses, Insurance premiums, telephone re imbursement, home loan payments etc are eligible deductions one can possess. The tax exemptions are also come under the tax saving options. So also concentrate on the exemptions you have. Some mode of investments also eligible for deductions. Some of the are investments on stock, bond, real estate, post office schemes, fixed deposit schemes of certain financial institutions, fixed income security schemes like provident fund scheme etc are also come under deduction category.