{"id":1693,"date":"2020-02-10T17:53:00","date_gmt":"2020-02-10T12:23:00","guid":{"rendered":"http:\/\/blog.budwisefunds.com\/?p=1693"},"modified":"2020-12-08T11:35:56","modified_gmt":"2020-12-08T11:35:56","slug":"how-can-a-salaried-individual-save-taxes-on-their-income","status":"publish","type":"post","link":"https:\/\/budwisefunds.com\/blog\/how-can-a-salaried-individual-save-taxes-on-their-income\/","title":{"rendered":"How can a salaried individual save taxes on their income?"},"content":{"rendered":"\r\n<p><span style=\"font-size: 20px; color: #000000;\">Giving away is the hardest thing ever, especially when it comes to our money. Being a good citizen of the nation we all pay taxes to the government for nation-building and to avoid any scrutiny from the tax department.<\/span><\/p>\r\n<p><strong><span style=\"font-size: 24px;\">Further Reading: <a href=\"https:\/\/whatismutualfund.in\/\" target=\"_blank\" rel=\"noopener noreferrer\">What is Mutual Fund<\/a><\/span><\/strong><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Well, no one wants to share his\/her hard-earned money with anyone except one\u2019s own family.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"> But tax evasion is not an option and hence you should look for legal ways of reducing your tax liability. Government offers its citizens a number of tax sops which they can avail to bring down their tax liabilities.<\/span><\/p>\r\n<p><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script> <ins class=\"adsbygoogle\" style=\"display: block; text-align: center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-6495755798120621\" data-ad-slot=\"6499025866\"><\/ins> <script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Some of those tax sops have been discussed below:-<\/span><\/p>\r\n<blockquote>\r\n<h2><span style=\"font-size: 20px; color: #000000;\"><strong>1) Section 80 C <\/strong><\/span><\/h2>\r\n<\/blockquote>\r\n<p><span style=\"font-size: 20px; color: #000000;\">It is the most common and widely used section of the Income Tax Act, 1961. The maximum deduction allowed under this section is \u20b9 1.5 lacs. A number of deductions eligible under this section have been discussed below: &#8211;<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Home Loan Principal Repayment<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Only the principal component of the home loan EMIs can be claimed as deduction under this section. The interest component is also eligible for deduction under the different section which has been discussed later in the blog.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Tuition fees of the children<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">There is a misconception among parents that the entire school fee is eligible for deduction which is not true. Only the tuition fee component of the school fees is eligible for deduction under section 80C.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Life Insurance Premium including ULIPs<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Most of the people are aware of this thing that the premium paid towards life insurance policies is also eligible for deduction. However, most people are not aware of the conditions that should be met, in order to be eligible for claiming a deduction. These conditions have been discussed below<\/span><\/p>\r\n<table style=\"width: 101.379%;\" width=\"643\">\r\n<tbody>\r\n<tr>\r\n<td style=\"width: 64.6552%;\" width=\"427\">\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>Premium paid on insurance policy other than a contract of a deferred annuity<\/strong><\/span><\/p>\r\n<\/td>\r\n<td style=\"width: 35.7778%;\" width=\"216\">\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>Amount paid eligible for deduction<\/strong><\/span><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 64.6552%;\" width=\"427\">\r\n<p><span style=\"font-size: 20px; color: #000000;\">a)\u00a0\u00a0\u00a0\u00a0\u00a0 for a policy issued on or before 31.3.2012<\/span><\/p>\r\n<\/td>\r\n<td style=\"width: 35.7778%;\" width=\"216\">\r\n<p><span style=\"font-size: 20px; color: #000000;\">20% of the capital sum assured<\/span><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 64.6552%;\" width=\"427\">\r\n<p><span style=\"font-size: 20px; color: #000000;\">b)\u00a0\u00a0\u00a0\u00a0\u00a0 for a policy issued on or after 1.4.2012<\/span><\/p>\r\n<\/td>\r\n<td style=\"width: 35.7778%;\" width=\"216\">\r\n<p><span style=\"font-size: 20px; color: #000000;\">10% of the capital sum assured<\/span><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 64.6552%;\" width=\"427\">\r\n<p><span style=\"font-size: 20px; color: #000000;\">c)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 for a policy issued on or after 1.4.2013 for the insurance on life of a person, who is \u2013<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">i)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 a person with a disability or a person with severe disability as referred to in section 80 U<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">ii)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 suffering from disease or ailment as specified in the rules made under section 80DDB<\/span><\/p>\r\n<\/td>\r\n<td style=\"width: 35.7778%;\" width=\"216\">\r\n<p><span style=\"font-size: 20px; color: #000000;\">15% of the capital sum assured<\/span><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p><span style=\"font-size: 20px; color: #000000;\">The above-mentioned conditions are applicable on single premium policies as well.<\/span><span style=\"font-size: 20px; color: #000000;\"><strong>\u00a0<\/strong><\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Tax Savings FD<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">The investment made in tax-saving fixed deposits can also be claimed as deduction under this section. Remember that these FDs come with a lock-in period of 5 years and no loans or premature withdrawals are allowed.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>PPF contribution<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">The investment made towards PPF account is also eligible for deduction. The overall deduction is inclusive of investment made in the PPF account opened in the name of a minor.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>EPF contribution<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Only employees\u2019 contribution to the EPF account is eligible for deduction under this section. Employer\u2019s contribution is not taxable in the hands of individuals and also is not eligible for deduction under this section.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Investment in NSC (National Savings Certificate)<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">An investor can claim a deduction for the investment made in NSC. Not only can the initial investment be claimed as a deduction but the subsequent accruing interest on initial deposits can also be claimed as a deduction. <\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">For example, Rs. 1,00,000 is invested in NSC and the current interest rate is 7.9% p.a. Then after 1 year the accrued interest worth Rs. 7,900 can be claimed as a deduction under this section. <\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Again in the next year accrued interest worth Rs. 8,524 can be claimed as a deduction. Interest for the subsequent years can also be claimed in the same manner.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Investment in SSY (Sukanya Samriddhi Yojana)<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Investment made towards SSY is also eligible for deduction under section 80C. A parent can open an account for a maximum of 2 daughters but the combined investment in the two accounts cannot exceed the overall limit.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>ELSS investment<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><strong style=\"color: #000000; font-size: 20px;\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-1696\" src=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/02\/Screenshot-87.png\" alt=\"\" width=\"776\" height=\"236\" srcset=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/02\/Screenshot-87.png 776w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/02\/Screenshot-87-300x91.png 300w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/02\/Screenshot-87-768x234.png 768w\" sizes=\"(max-width: 776px) 100vw, 776px\" \/><br \/>Note: &#8211; The deduction of 1.5 lacs is inclusive of all the above listed it<\/strong><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>2) Section 80 CCD \u2013 NPS Contribution<\/strong><\/span><\/p>\r\n<p><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script> <ins class=\"adsbygoogle\" style=\"display: block; text-align: center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-6495755798120621\" data-ad-slot=\"6499025866\"><\/ins> <script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Under this section, the contribution made towards NPS (National Pension Scheme) or APY (Atal Pension Yojana) is eligible for deduction. This section is bifurcated into 3 sub-sections.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Section 80 CCD (1)<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Salaried individuals can claim tax deduction up to 10% of gross income under Sec 80 CCD (1) with in the overall ceiling of Rs. 1.5 lac.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Section 80 CCD (1b)<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">This section allows for extra deduction up to \u20b9 50,000 for the contribution made towards Tier \u2013 I account of NPS. This deduction is over and above the ceiling of 1.5 lacs.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Section 80 CCD (2)- <\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">The contribution made by the employer equivalent to 10% of employees\u2019 salary (basic + DA) towards NPS account is eligible for deduction under this section. There is no limit on the amount of deduction under this section.<\/span><\/p>\r\n<p><img loading=\"lazy\" class=\"aligncenter size-full wp-image-1694\" src=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/02\/Screenshot-88.png\" alt=\"\" width=\"790\" height=\"312\" srcset=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/02\/Screenshot-88.png 790w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/02\/Screenshot-88-300x118.png 300w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/02\/Screenshot-88-768x303.png 768w\" sizes=\"(max-width: 790px) 100vw, 790px\" \/><\/p>\r\n<h2 class=\"entry-title\">Also Read: <a href=\"https:\/\/budwisefunds.com\/blog\/reduce-investment-risk-with-practical-strategies\/\" rel=\"bookmark\">Reduce Investment Risk with Practical strategies<\/a><\/h2>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>3) Section 80 D \u2013 Health Insurance Premium<\/strong><\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">An individual, who is below 60 years of age, can claim deduction up to \u20b9 25,000 for the premium paid towards health insurance policy covering self, spouse and dependent children.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"> If you are a senior citizen then you can claim up to \u20b9 50,000. <\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Also, if you pay health insurance premium for your parents who are also senior citizens then you can claim deduction up to \u20b9 100,000 (50,000 for self + 50,000 for parents).<\/span><\/p>\r\n<p><span style=\"color: #000000; font-size: 20px;\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-1695\" src=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/02\/Screenshot-90.png\" alt=\"\" width=\"958\" height=\"365\" srcset=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/02\/Screenshot-90.png 958w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/02\/Screenshot-90-300x114.png 300w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2020\/02\/Screenshot-90-768x293.png 768w\" sizes=\"(max-width: 958px) 100vw, 958px\" \/><br \/>*Family \u2013 Self, spouse, and children (dependent)<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">* Dependent age should be less than or equal to 25 years of age.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Not only this, any payment made towards preventive health check-up of the individual or any other member of his family is eligible for deduction to the extent it does not exceed Rs. 5,000 in aggregate. This deduction is inclusive of the overall limit of deduction i.e. 25,000\/50,000.<\/span><\/p>\r\n<p><strong><span style=\"font-size: 24px;\">Further Reading: <a href=\"https:\/\/www.mutualfundssahihai.com\/en\/what-kind-returns-should-one-expect-mutual-funds\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Fund Sahi Hai<\/a><\/span><\/strong><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">For example, you are paying a premium of Rs. 22,000 towards a health insurance premium and paid Rs. 5,000 towards your family\u2019s preventive health check-up.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"> So here you will be able to claim a maximum deduction of Rs. 25,000 as the overall limit under section 80D is capped at Rs. 25,000 (family below 60 years of age).<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>4) Section 80 G<\/strong><\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">The deduction under this section can be claimed by all assessees, on account of any donation made by them to specified funds or institutions. <\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">In some cases, the deduction is allowed to the extent of 100% while in some cases, the deduction is available only to the extent of 50% of the total donation made.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>5) Section 80 TTA \u2013 Interest on Savings Bank Account<\/strong><\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Interest earned on the savings bank account up to \u20b9 10,000 is eligible for deduction under this section. Interest earned on fixed deposits, recurring deposits, etc cannot be claimed for deduction under this section.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>6) Section 80 E \u2013 Interest on Education loan<\/strong><\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Under this section, an individual can claim a deduction for the interest paid on the education loan that has been taken for higher studies of self, spouse or children from any bank or any other financial institution.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"> There is no limit on the amount that can be availed as a deduction. <\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">The deduction for the interest on the education loan can be availed for 8 years from the year in which you start repaying the loan.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>7) Section 80 TTB \u2013 Interest on S.A.\/ FD\/RD<\/strong><\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">This section is exclusively available for senior citizens only. Under this section, senior citizens can claim deduction up to \u20b950,000 on the interest income. <\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Unlike section 80 TTA, this section includes interest received from a savings bank account, fixed deposits, recurring deposits, etc.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>8) Section 24 \u2013 Interest on Home Loan<\/strong><\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Generally, a large chunk of the salary of the individuals goes towards home loan EMIs. <\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Homeowners can avail a deduction of up to \u20b9 2 lakh on the interest paid towards their home loans if the owner themselves are residing in the property. The treatment is the same when the house is vacant.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">While on the other hand if the house property has been let out then there is no limit on the amount of interest that can be availed as a deduction. <\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">The deduction would be limited to \u20b9 30,000 if any of the following conditions is not met:-<\/span><\/p>\r\n<ol>\r\n<li><span style=\"font-size: 20px; color: #000000;\">The loan must be taken for purchase and construction of house property<\/span><\/li>\r\n<li><span style=\"font-size: 20px; color: #000000;\">The purchase or construction must be completed within 5 years from the end of the financial year in which the individual has taken a home loan<\/span><\/li>\r\n<li><span style=\"font-size: 20px; color: #000000;\">The loan must be availed after 1<sup>st<\/sup> April 1999<\/span><\/li>\r\n<\/ol>\r\n<h2 class=\"entry-title\">Also Read: <a href=\"https:\/\/budwisefunds.com\/blog\/risk-o-meter-in-mutual-funds\/\" rel=\"bookmark\">Risk-O-meter in mutual funds<\/a><\/h2>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>Strategies an individual taxpayer can follow \u2013<\/strong><\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\">Apart from all of the above tax deductions, a salaried individual can even reduce his\/her tax liabilities by opting for the allowances\/perquisites that are tax exempted. Since medical and travel allowances have now been made taxable, one may replace with other tax-free allowances\/perquisites.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Some of the perks that are exempted from tax on submission of actual bills and subject to reasonable limits and usage are discussed below: &#8211;<\/span><\/p>\r\n<ol>\r\n<li><span style=\"font-size: 20px; color: #000000;\">Newspaper\/Books\/ Periodicals Reimbursement<\/span><\/li>\r\n<li><span style=\"font-size: 20px; color: #000000;\">Food coupons<\/span><\/li>\r\n<li><span style=\"font-size: 20px; color: #000000;\">Telephone and Internet Reimbursements<\/span><\/li>\r\n<li><span style=\"font-size: 20px; color: #000000;\">Leave Travel Allowance<\/span><\/li>\r\n<\/ol>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Tax Harvesting of LTCG<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">With the introduction of a capital gain tax on the long term capital gains from equity shares or equity mutual fund units, investors should harvest their capital gains every financial year.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"> This can be done by booking capital gains every year and by investing the same amount again. <\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Long term capital gains from equity funds are exempted from tax up to Rs. 1 lac and capital gains of the retail investors may not even cross this limit in the initial years. <\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">But going ahead capital gains will add up to a great sum which will result in huge tax liability.<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-size: 20px; color: #000000;\"><strong>Tax Loss Harvesting<\/strong><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-size: 20px; color: #000000;\">An individual can also limit his\/her tax liability by selling the loss-making equity shares or equity mutual fund units and offset them against capital gains. <\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Capital losses can be set off against both i.e. long term as well as short term capital gain. <\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Usually, this technique is adopted by traders to reduce their STCG as tax rates on short term capital gains is on a higher side.<\/span><\/p>\r\n<p><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script> <ins class=\"adsbygoogle\" style=\"display: block; text-align: center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-6495755798120621\" data-ad-slot=\"6499025866\"><\/ins> <script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\">Although, assessees can adopt this strategy throughout the year, it is generally considered at the end of the financial year when income tax return has to be filed.<\/span><\/p>\r\n<p><strong><span style=\"font-size: 24px;\">Further Reading: <a href=\"https:\/\/www.aegonlife.com\/insurance-investment-knowledge\/how-to-save-income-tax-salaried-individual\/\" target=\"_blank\" rel=\"noopener noreferrer\">Aegonlife<\/a><\/span><\/strong><\/p>\r\n<p><img loading=\"lazy\" id=\"hcasistoti\" class=\"size-medium wp-image-562 aligncenter\" src=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-300x88.png\" alt=\"\" width=\"300\" height=\"88\" srcset=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-300x88.png 300w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-1024x299.png 1024w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-768x224.png 768w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-1536x449.png 1536w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-2048x598.png 2048w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-1200x350.png 1200w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-1980x578.png 1980w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Giving away is the hardest thing ever, especially when it comes to our money. Being a good citizen of the nation we all pay taxes to the government for nation-building&hellip; <\/p>\n","protected":false},"author":1,"featured_media":1692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How can a salaried individual save taxes on their income?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/budwisefunds.com\/blog\/how-can-a-salaried-individual-save-taxes-on-their-income\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How can a salaried individual save taxes on their income?\" \/>\n<meta property=\"og:description\" content=\"Giving away is the hardest thing ever, especially when it comes to our money. 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