How can i save tax on my income ?

This query is : Resolved

Raghu9 (Querist)
Follow

29 April 2014 Dear All Experts

I am Senior citizen. Reciving regular income from pension,FD and Saving bank interest which is exceeding my IT slab 250000.

I am only earning person of my family. How can I save my tax, I dont want to invest in saving certificate or LIC should I transfer some amount to my wife or child's bank account?

Please give your valuable suggestions.

Thanks.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

29 April 2014 transferring money to wife or child's bank account wont make any difference to your tax liability. if you don't wish to invest in 80C instruments or under any other chapter VI options, you will have to pay tax on income over and above the exempted limit.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

29 April 2014 you need to check section 80 only else u have to pay tax.

CA Shashank Jain

CA Shashank Jain (Expert)
Follow

29 May 2014 Tax cannot be saved by transferring of amount to wife's or child's account. Sir as you are investing in FD's I would suggest you to go for 5 or 10 year FD's which can be claimed u/s. 80C (upto Rs.1,00,000/-) and will reduce your tax liability.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA Archana R

Deepak Nayak

Krishnamohan Gangaraju

Shameem ahmed

Konijarala prasad

Subscribe Now

How can i save tax on my income ?

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA