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Tax Adive

Pandiri Ramu (Business Analyst) (613 Points)

30 December 2007

Dear Friends,

Please Adive on Tax If i got 6 Lakhs Per Annum and i don't have any loan from Bank. I wana to look for Maximum Tax exemption so please adivce how will i get Tax Exemption with Expanatory notes and Sections.

Really Very Thanks for all,

RAMU

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5 Replies

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 31 December 2007

Hi Ramu,If you just say that you have a income of Rs.6 lacs p.a no one can give you proper advice for tax exemption. For this you need to say us everything abt your income, expenditure, investment etc.

(Guest)

Dear Ramu, you can claim both exemptions and deductions from your income under various sections of the act. For claiming deductions you can refer to SEc.80C to sEc.80U, however as per sEc.80CCE-"The aggregate amount of deductions under section 80C, section 80CCC and section 80CCD shall not, in any case, exceed one lakh rupees." Also if your income includes any income from cap. gains, then deductions may be planned acc. to SEc.54 to SEc.54H. Also SEc.10 provides certain incomes to be excluded in computing the taxable income. so you can refer these sec.s' bye

Pandiri Ramu (Business Analyst) (613 Points)
Replied 31 December 2007

Thanks a lot I will Update soon Once again thanks

Saroj Rana (MBA Finance) (417 Points)
Replied 31 December 2007

Hi ramu, What Mr. Amit Daga is siad that's totaly correct, without giving the full detail of ur income and expenditure one can't give u the proper advise. Still u want the advice then first select a proper portfolio which will minimise ur tax burden.

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 31 December 2007

Ramu Mr.Mitra give you nice advice,As you are a student of final even you can understand whatever he said thats not useful but just thing those are exemption section which anybody can suggest you.