The first step in tax saving is to adopt the concept of divide and rule. The simple rule is that each family member must have his or her independent source of income so as to legally become an independent tax payer under the provisions of the income tax law.
The second step of tax planning lies in claiming all the exemptions and deductions which are permissible under the Income Tax Law. A list of most such exemptions and deductions is contained in Section 10 of the Income Tax Act.
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