How to slash your taxes by half

In this new section, Taxspanner.com will advise readers on how to restructure their income, investments and expenses to optimise their tax outgo. The suggestions given are based on provisions in the prevailing tax laws and could change if the rules are amended.

Sanjeev Gupta, 38, is a sales professional. He lives in his own house in Delhi with wife Swati, 33 and two children. His annual salary package is Rs 11.35 lakh and he earns about Rs 34,000 from his investments. He pays Rs 64,478 in tax in a year.