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rrr | How much should i do savings to avoid tax? |
hi i'm 25 yrs old i'm working in s/w company i'm paying Rs.1591 as tax withou any savings. now how much should i invest to make the tax to nill? if its 2.6 lpa |
 |
 
warlockxps
 |
This is a question for a tax planner. Many services in india aid in this, ask one. |
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Ramachandra Mahale
 |
An investment under Section 80C upto Rs. one lakh is permissible for deduction from the income. This means your taxable income would be Rs. 160000/-. As per the recent budget proposals the threshold limit for taxation is raised from Rs. 1.0 lakh to Rs.1.1 lakh. Accordingly, a sum of Rs.50000/ is taxable i.e. tax of Rs. 5000/ and Educational Cess @ 3% works out to Rs, 150/- Total tax liability would be Rs. 5150/- There are further avenues to lessen the burden. House Rent Allowance paid by the employer is exempt if you are staying in a rented house and on production of rent receipts. Any payment on premium to keep in force the policies on medical insurance is also exempted. If both the items are considered the tax liability would be further reduced. |
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vasumadasu
|
Till 1Lac you can save under 80C section. That includes of PPF(Max 70K), Fixed deposits, NSC, NSS. WE need to look how the componets of you salary structure is to determine, exactly how much you need to save. |
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Kamini (mutual fund advisor)
|
If you want to save tax simply you have to invest in Life Insurance or Elss Mutual Fund upto 100000/- its unable to get nil tax but it comes ur tax at minimize at 6120/- p.a. mins 510/- p.m. you have onther way if possible purchase house and take home loan interest amount of your emi is reduse ur tax liability other than above 100000/- and may be possible ur tax will be nil |
|
apan
 |
u can save upto Rs 100000/-and u get rebate of 15%,i.e.,Rs.15000/-.During the financial year 2007-08,tax is not required upto an income of Rs.110000/-.
so, your calculation will be as below :
Net taxable income=260000-110000=150000
income tax on it :
slab:110000 to 250000=140000x.1=14000
rest-10000x.2=2000
so, total tax will be 16000
add ed. cess @ 2%amounting to 16000x.02=320.
total tax will be : 16320/-
monthly tax deduction will be : 16320/12=Rs.1360/-.
app. this is all. |
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hitendra72
|
if you are paying 1591 per month, thats like paying about 20K per year - put that in LIC, or ELSS or mediclaim... and avoid tax
if your gross annual salary is 2.6L PA, then your tax liability is about Rs. 26000 + cess
maximum deduction you can get is 1L u/s 80C (ELSS, LIC etc.) and 15K in mediclaim (for the year 2007/08).
so, considering that... your income is 260000
you invest 115000...
so taxable income is 145000... tax on this is Rs 3500 + cess... which is like 300 bucks a month
that's as good as ZERO if you ask me... |
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vijay g
|
for the asessment year 2008-09 you can invest upto 1lakh rupees in ppf and such other specified schemes declared under sec. 80 c of income tax act. moreover interest paid regarding housing loan is also exempted from incom tax upto the limit of Rs. 150000. Also the basic limit on which incomtax is nil is Rs110000.Thus you can plan for nil incomtax return. |
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Jacky.- the "INDIAN".
|
THANK GOD ,
YOU ARE ABLE ,
TO "SAVE ". |
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raj a
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As much your dishonesty is in you and that will be your saving. Thank you |
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