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Tax free allowances
July 10, 2008
You could factor in all the possible tax free allowance into your salary structure to reduce the tax burden. Few of the tax free allowances are as follows:
Education allowance: Exempt up to Rs 100 per child per month for a maximum of two children.
Transport allowance: Exempt up to Rs 800 per month.
Though the amounts might seem small but even a rupee of tax saved is a rupee earned.
Also read:
'Buy stocks, mutual funds with a long-term horizon'
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