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surinder s | My income is rs345000. i want to save money and tax, how? |
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 |
 
N.J.Reddy
|
Invest up to 1 lakh in investments which gives you direct 1 lakh deduction from your income. What are the investments in 80C are given in the web site given below.
http://www.rediff.com/getahead/2005/dec/26tax.htm
TAX BEFORE INVESTING IN 80C INVESTMENTS:
Tax Calcu. for MALE -Tax free Amt. Rs.110000
345,000 = Gross Total income (Regular)
000,000 = LESS: 80C deductions (U/Chapter IV-A)
-------------
345,000 = Net total income taxable @ Slab Rates
=======
004,000 = Tax @10% between 1.1 to 1.5 lakhs on 040,000
100,000 = Tax @20% between 1.5 to 2.5 Lakhs on 100,000
028,500 = Tax @30% on > 2.5 lakhs on Rs. 095,000
-------------
052,500 = Gross Tax (As per slabe rates) on 235,000
001,575 = ADD: Education cess @ 3% on tax.
-------------
054,075 = Net Total Tax Payable before investing in 80C investments.
=======
**********
TAX AFTER INVESTING IN 80C INVESTMENTS:
Tax Calcu. for MALE -Tax free Amt. Rs.110000
345,000 = Gross Total income (Regular)
100,000 = LESS: Deductions U/Chapter IV-A (80C Etc.,)
-------------
245,000 = Net total income taxable @ Slab Rates
=======
004,000 = Tax @10% between 1.1 to 1.5 lakhs on 040,000
095,000 = Tax @20% between 1.5 to 2.5 Lakhs on 095,000
000,000 = Tax @30% on > 2.5 lakhs on Rs. 000,000
-------------
023,000 = Gross Tax (As per slabe rates) on 135,000
000,690 = ADD: Education cess @ 3% on tax.
-------------
023,690 = Net Total Tax Payable. (After investing in 80C)
======= |
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Amit ®™
|
I guess you're male and under 65.
Total income= Rs.345,000
Exemption limit= Rs.110,000
Investment exempted from tax u/s80cc= Rs.100,000
Health insurance exempted= Rs.15000
(Take a home loan. Interest payment exemption= Rs.150,000
Total exemption= Rs.375000
Tax liability= 0.)
Otherwise, you'll have to pay tax.
[Edit] Oh, I forgot, you can gift your excess income to your parents/children , and it'll be exempted from tax. |
|
pp
 |
Please invest Rs 100000 in insurance,tax saving mutual funds,ppf etc 15000 is available as deductin under medical insurance for your self and family.Basic exemption is 110000 this year and will be 150000 next fiscal.you are eligible for exeption on medical reimbursement up to 15000 and standard deduction for specified amount will be available. you may have to pay nominal taxes.check with your payroll department for detailed calculations. |
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kalradkthegreat
|
you can donate it to a fun patient like me, interested i will let you know my address |
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indoracle
|
try http://www.ratekhoj.com and look at their tax savings section.... |
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ssgill7979
|
k*nj*ra loka nu f*d*u na bana............. ha ha ha |
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hkcharaya c
|
invest one lakh in mutual fund tax saving scheme there are many open this month,.there is alock in period of 3yrs this is best as on today
go for medi cliam policy for self and family
if you are staying in arented house ,rent paid is deductible
if you want to buy a house and take loan interest will be exempt otherwise
pay tax on bal after deducting 110000 if you are aman
hkc |
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bafnasanjay
 |
There are various avenues.
Section 80C gives you chance to invest and save tax on upto 1,00,000/- Rs. (Life insurance, Medical insurance, Pension plans, employee's contribution towards PF, Purchase of Mutual funds eligible u/s 10 etc)
Purchasing a house enables you to deduct installment and interest payable to bank on loan, from your income.
Donation U/s 80D
However, consult a CA as he will be more precise and will guide you personaly. |
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