{"id":7002,"date":"2022-02-14T15:44:56","date_gmt":"2022-02-14T10:14:56","guid":{"rendered":"https:\/\/www.tickertape.in\/blog\/?p=7002"},"modified":"2022-05-25T18:14:51","modified_gmt":"2022-05-25T12:44:51","slug":"income-tax-exemption","status":"publish","type":"post","link":"https:\/\/www.tickertape.in\/blog\/income-tax-exemption\/","title":{"rendered":"Income Tax Exemption List for Salaried Employees in AY 2021\u201322"},"content":{"rendered":"\n

Paying taxes is one of the primary responsibilities of a citizen. For salaried individuals, paying income taxes might seem dreadful considering the significant chunk of earnings that come under taxable income. But strategizing your finances to make use of the income tax<\/a> exemption and deductions could substantially reduce your tax liability.<\/p>\n\n\n\n

Income tax<\/a> exemptions\/allowances are components of your gross salary exempt from your total taxable income. These include HRA, LTA<\/a>, and children\u2019s education allowance, among others. On the contrary, income tax deductions arise from various investment instruments and expenses incurred in a particular financial year. Such expenditures are balanced against your gross annual income while filing ITR. <\/p>\n\n\n\n

Both income tax exemption and deduction help you save tax by lowering your overall tax liability. Let\u2019s explore these exemptions and deductions in more detail.<\/p>\n\n\n\n

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