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For instance, if you’re a salaried employee who earns Rs 6 lakh a year, you’ll have to pay about Rs 70,000 a year in taxes. However, a departmental store owner, with an annual turnover of Rs 1 crore and profits of about Rs 15 lakh, can get away without paying taxes. Legally!

That’s because there are many porous tax provisions that allow the fat cats to slip through. Are there any such devices that the rich employ to lower their taxes, which you can do too?

Perhaps the only way for the salaried emplo-yee to lower his tax liability is to turn consultant. A consultant who earns the same Rs 6 lakh a year can walk away without paying a paisa in taxes—and, in fact, claim a refund of the tax deducted at source (at 5.25 per cent). That’s because he is allowed to claim tax write-offs on a variety of deductible expenses. A tax strategy that perhaps constitutes the last line of defence for the cornered salaried taxpayer.

All you have to do is give proof that you’re a full-time student. If you aren’t a full-time student, but 25 years or younger, you’re eligible for an International Youth Travel Card (IYTC). Full-time teachers can get the International Teacher Identity Card (ITIC).

You can apply for an ISIC, IYTC or ITIC at any of the 33 Student Travel Information Centre (STIC) offices across the country or submit your applications at www.isicweb.net.

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