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Income tax deduction for 2018-19

Tax planning 299 views 5 replies

Premsagar

S.E

25 Points Joined March 2018

Hi All,

I need assistance on Income Tax deduction and tax planning details, following are my details,

Total Salary : 620000 + 70000(Bonus) = 690000.00

80C Investment :

PF: 30000.00 Approximate

Child Education : 25000.00 Approximate

LIC : 29000.00 Approximate

Post Office : 12000.00 Approximate

Home Loan : as per last year Principal : 60000 and Intrest : 140000.00 Approximate

Mutual Fund : 15000.00 Approximate

My pay details and 80C deduction details, this year im getting 325000.00(Only for this year) for relocation charges and this will fall in my income tax as well. If that is added it will be 690000 + 325000 = 10 Lacks. As per my rough calculation i will be paying 20% of income tax. Is there any other invesment will help in saving my tax. Please assist some tax saving details , any informaiton provided will be help full.

Thanks!!

Replies (5)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

196704 Points Joined July 2016

Refer:: income-tax-deductions-list-fy-2018-19

Note: There are some changes for AY 2018-19, like standard deduction etc...... otherwise it will help.......

Premsagar

S.E

25 Points Joined March 2018

Hi Dhirajlal,

Thanks for replying - any one time investment will reduce the tax for 18-19 plan year. Also it will be helpfull if you share some investment plans as well (If you have).

Thanks!!