in the financial year 2009-2010,our state government is revising our pay and will be paying arrears in two installments but within the time frame of 12 months. My monthly salary now stands = 29260/month out of which my office deducts 4200 rupees as quarter rent. so I get around 25000/month(afetr deducting rent from gross) I will also be getting an arrears of around 110000 in two installments but within this year only.
how could i save my taxes...but there are some conditions 1.After two years from now i want to get a house of worth Rs.11 lakhs.
please suggest any solution for current position and after two years,how should i plan to save taxes now and then...??
