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Income tax Query

Deepak Kumar (Chartered Accoountant) (270 Points)

22 December 2010

I am salaried Employee. During the year My Salary is 500000/- P.A. I have Invested u/s 80 C Rs. 100000/- & i have purchased house and calim 150000/ of housing loan interest as house property loss. Still There is tax liabilites on me in F.Y. 2010-11. by Rs. 9000/- Calculation is As Under

Taxable Salary 500000

Less House Property Loss 150000

Less Deduction U/S 80 C 100000

Taxable Incomem 250000

Tax 9000

I Want to konwo way to save this 9000 Tax.

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11 Replies

Bhavik Damani (Student) (67 Points)
Replied 22 December 2010

You have been paid salary exceeding basic exeption limit. hence TDS must be deducted from your salary. Get credit of TDS against your Tax liability.

Deepak Tapse (Accounts Manager - Taxation) (1771 Points)
Replied 22 December 2010

You have to pay the tax or for more savings, you can take mediclaim policy upto 15 k and invest another 20 k in bond to save taxes.

Dheeraj (Learner) (1100 Points)
Replied 22 December 2010

ur tax liability is 9000+270(ec & shec)=9270

and for saving u can take the mediclaim policy- [ 15000 (ur's max. exemption)+ 20000 (parents' max exemption) ]

if u have donated money than amt of donation

furthur if any tds is already deducted from ur salary than dont forget to take the credit

B. Umapathy (student) (405 Points)
Replied 22 December 2010

SEC 80D MEDICLAIM POLICY. AGREE WITH DEEPAK SIR

CA. Anubhav Jaggi (CA) (104 Points)
Replied 23 December 2010

All above tax planning are correct.

Also you can save your HRA, if you hav HRA component in your salary structure by producing requisite rent receipts.

Tell me your salary components.

Bhav Bhuti Sharma (Towards Professionalism ) (823 Points)
Replied 23 December 2010

best way is just buy infrastructure bonds deduction u/s 80 ccf upto 20000

srinivass (CA Final) (2466 Points)
Replied 23 December 2010

hiiiiiiiiiiii friend u can save the tax uder following sectons

section 80(d)

section80(e)

secton 80(g)

for othe details visit www.etaxmentor.com

srinivass (CA Final) (2466 Points)
Replied 23 December 2010

hi friend visit the following.
https://www.taxqueries.com/

Pradeep Kamath (Chartered Accountant) (134 Points)
Replied 23 December 2010

Dear Deepak,

Considering the salary of 5L, i don think contributing 9k to our national revenue would be burdensome :)

Mayur Arora (CA Final) (295 Points)
Replied 23 December 2010

Agree with Pradeep Kamath pay the tax and contribute to the development of India.

If you still wants to save tax, then u can save your tax of Rs. 3,500/- by paying premium of Rs. 35,000/- under Sec. 80D by paying premium of Rs. 15,000/- for yourself, your spouse and your children and a premium of Rs. 20,000/- for your parents.

I don't recommend you to invest in Infrastructure Bonds as it is more better for you to pay the balance of Rs. 5,500/- plus education cess.