Tips to Save Income Tax on Salary There are several legitimate tax savings ways by which a salaried person can save taxes and derive benefits. Tax payer need to check if he is taking benefit of following before filing of Income Tax Return in India Standard Deduction. House Rent Allowance (HRA) Leave Travel Allowance (LTA) Employee Contribution to Provident Fund (PF) Professional Tax. Exemption of Leave Encashment. Exemption Under Section 89(1) Exemption from the Receipt Upon Opting for Voluntary Retirement. Pension Gratuity Donations to Political Parties Donations to Charitable Trust Home Loan Education Loan Internet or Phone Mutual Funds Deductions
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